• Treasuries dropped for the week as stronger than anticipated employment growth increased the probability of the Fed reducing the size of its asset purchases.
• Friday’s employment report came in stronger than expected with hiring climbing to 195,000 in June along with the unemployment rate holding at 7.6%.
• Average hourly earnings for private employees rose 10 cents to $24.01, up 2.2% from a year ago.
• The ISM Manufacturing Index increased to 50.9 in June while the ISM Non-Manufacturing Index declined to 52.5 in June.
• Industrial activity in China continued to decline for June due to worries of excess industrial capacity and declining demand.
• Trade deficit in goods and services came in at $45 Billion for the month of May.
• The price of gold fell by 5.0% in June, and is currently about $1,240 an ounce.
• The yield on the 10-year Treasury note rose to 2.73 on Wednesday, its highest point since August 2011.
• For the week ending 7/05/13, the S&P 500 gained 1.59% closing at 1631.89. The MSCI EAFE Index gained 0.55% closing at 1648.01 and the MSCI EM Index dropped -2.42% to end the week at 917.58.
