Friday’s report missed consensus by a mile, for example, showing the economy added a paltry 235,000 jobs instead of the 728,000 expected by economists.
But Wall Street seemed to largely shrug off the disappointment. The S&P 500 was essentially flat.
“Today it’s as simple as ‘bad news is good news’ because the weak number gives the Fed cover to maintain its dovish outlook and likely push back tapering,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.
Detrick also pointed to strengthening yields as a reason the stock market is not terribly worried.