Friday’s strong employment report indicating a gain of 248,000 new non-farm payroll jobs for the month of September propelled most domestic equity indices up an average of 1% for the day. Last week’s financial market action was an example of the more volatile conditions recently as the broad domestic equity market Index S&P 500 declined approximately 2.7% on an intraday basis from Tuesday (9/30) through noon on Thursday (10/2). Over the course of 2013 and year-to-date 2014, there have been a number of price corrections on the magnitude of 3-5% for the broad benchmark S&P 500, which we view as consistent with a long dated market rebound. By the close of business for the week, most equity averages finished lower by less than 1% than where they started and the ten year bond yielded 2.44%.
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