In May the employment report was the biggest job creation miss below expectations ever. Stocks responded by rallying to new highs. Bonds also rallied. That Friday also set all-time closing highs in the SPY and DIA that hadn’t been eclipsed until yesterday. Yesterday, the employment data came in shy of expectations again. Again, stocks and bonds rallied leaving the SPY and DIA at virtually the same all-time closing high level as the last month’s report.
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