Financial Review

…Stocks slammed. 200,000 new jobs in Jan. 4.1% unemployment rate. Treasuries pop on signs of wage growth. Financial Review by Sinclair Noe for 02-02-2018   DOW – 665 = 25,520 SPX – 59 = 2762 NAS – 144 = 7240 RUT – 32 = 1547 10 Y + .08 = 2.85% OIL – .36 = 65.44 GOLD – 16.40 = 1332.90   Wall Street cratered on a strong jobs report. I don’t mean to sound alarmist, but when the Dow drops this much in one day, it is significant even if it is only a 2.56% decline, which marked the biggest percentage decline since Brexit. Still, on a point basis, Black Monday, October 19, 1987 was a 507-point decline in the Dow. Also, this was the biggest single day drop for the Dow since October 2008, when the Troubled Asset Relief Program didn’t pass.   Markets moved lower on the jobs reports and then cratered with the release of the “memo” from House Intel Head Devin Nunes. The memo does not exonerate Trump, and if he tries to use it as justification to fire more people from the DOJ or FBI, such a move will likely backfire badly.