Quick Take: Stock Selling Is in Check
NEW YORK ( TheStreet) -- After a weaker-than-expected nonfarm payrolls report Friday, markets are essentially flat.
Alan Valdes of DME Securities told TheStreet's Debra Borchardt that the nonfarm payrolls report was soft, with hours worked, earnings and the jobs numbers all coming in lower than expected.
However, could this be good for the stock market? Perhaps, since it means Federal Reserve Chairman Ben Bernanke will be less likely to taper quantitative easing in September.
The response in equities has been positive, despite the little economic traction. With the S&P 500 holding 1,700 today, it shows that the rally might have legs, Valdes noted.Overall, the volume has been light, but Valdes said the price action is encouraging even though the economic data are not, and he expects new money to flow in the market over the next couple of trading sessions. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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