Daily Market Update 5/3/13

Mortgage rates moved higher Friday as stocks jumped following the release of stronger than expected employment data.  The economy added 165,000 jobs in April, beating forecast, and the figures for February and March were revised higher by 114,000.  The Unemployment Rate fell unexpectedly to 7.5%.  Average Hourly Earnings, a proxy for wage growth, rose 0.2% last month, in line with expectations.  In other news, the Institute for Supply Management services index came in at 53.1, slightly below the consensus forecast, and Factory Orders fell by 4.0%.  A decrease of 3.0% had been expected.  No other key data will be released today.

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