Dow Industrial Average erases the declines. S&P and NASDAQ still down.

The Dow Industrial Average moved back into positive territory briefly with a gain of 5.46 points. That erased a decline of -220.44 points.

Currently the prices back in negative territory by -28 points or -0.08% at 34026.46.

The NASDAQ index and S&P index remain down on the day, but they erased even larger declines.

• The S&P index was down as much as -51.35 points. It is currently down -16 points or -0.38%.
• The NASDAQ index was down as much as it -253.96 points. It is currently down 63 points or -0.53%

For the trading week, the NASDAQ index is still up 4.5%, while the S&P is up 2.34%. Was the Dow Industrial Average it clings to a small 0.16% gain for the week.

The good for stocks is that people remain gainfully employed which could soften the landing. The bad for stocks is that he keeps inflation potentially higher, increasing cost for companies, and keeps the Fed in play as well which increases their cost of capital.

Regardless, the rebound today is impressive.

Fed speak next week will increase. I would guess that those Fed officials concerned about service sector inflation will continue to have those concerns. That the Fed would reiterate their needs to keep rates higher for an extended period time.

Time and time again the jobs report disappoints the market looking for a slowing of the gains and with it the potential for lower inflation.

As I type, the Dow Industrial Average now up around 50 points. The S&P is down just six points and the NASDAQ index is down just 13 points on the day.