It's a lagging number that will have two revisions. There were no major surprises. Economic data will still move this market, but this isn't one of them.
More Quotes from Art Hogan:
Concerns about higher interest rates and the yield on the 10-year note may keep stocks on the south side again this morning. The higher yield ... acts as a tax on corporations, and it may also attract money to the bond markets from equities.Art Hogan
Once a year, they (the Russell) decide to add and delete stocks. So what's happening is at the close today, those who run a Russell Fund will need to buy all of the Russell additions and sell all of the Russell deletes,
Art Hogan
Technology stocks typically tend to provide leadership in mid-cycle recovery, and I think that's where we are,
Art Hogan
And the day's economic data, which showed strength in the housing market, were taken in stride. Good news is good news, ... This is the time we need to hear good news in the economy.
Art Hogan
When you have a low volume Friday selloff, you'll sometimes see the bargain hunters come back in Monday.
Art Hogan
I think that we just ran out of steam after a couple of hours. I am glad that we held on our gains from Friday. Oil will continue to be a driver, earnings will be a driver, and so will economics.
Art Hogan
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