Stocks closed the week out with a small pullback on light trading volume. IDB still has the rally under pressure. The US missile strike on a Syrian airbase caused some concern but at the end of the day was a nonevent. At the close the Dow fell 6 points 20,656. For the week the Dow was down a couple of points in what was a wash.
The big news today was the March jobs report which came in lower than a snakes belly in a wagon rut missing even the worst expectations. The estimates called for 180,000 jobs but the actual figure was 98,000. Reasons behind the drop are many and could be a combination of weather due to a late storm coupled with hiring taking a breather after two strong prior months. The unemployment rate declined to 4.5% which is the lowest since May of 2007. The labor force participation rate is no longer declining and wages per hour are up 2.7%.
The missile strike in Syria pushed oil prices up. WTI crude gained 1% to close just over $52 per barrel.