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It was a wild week of trading on Wall Street that went to the bears, despite a notable move higher for stocks today. We think there were a few reasons why the sellers were out more prominently than the buyers during this five-day stretch. The week began with the major averages at or near record levels, so it was not out of the ordinary that there would be some profit taking, especially with a number of potential market-moving events this week.
The nation added 288,000 jobs in June, with non-farm payrolls strengthening much more than had been anticipated. The consensus expectation for the month had been for job growth of about 215,000.