Payrolls and the stock market: Wall Street usually shrugs off jobs report

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By Stephen CulpNEW YORK (Reuters) - Markets always look to the Labor Department's monthly employment report with great anticipation. But whether the data disappoints or surprises to the upside often has only a modest effect on overall stock index moves.Friday's report missed consensus by a mile, for example, showing the economy added a paltry 235,000 jobs instead of the 728,000 expected by economists.But Wall Street seemed to largely shrug off the disappointment. The S&P 500 was essentially flat."Today it’s as simple as ‘bad news is good news’ because the weak number gives the Fed cover to maintain its dovish outlook and likely push back tapering," said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.Detrick also pointed to strengthening yields as a reason the stock market is not terribly worried.The yield on the 10-year U.S. Treasury note rose about 4 basis points to 1.3257% Friday afternoon on data in the jobs report showing wag
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