China announces a record trade surplus Media reports surplus as bad news for China Because of the strength of the

Monthly non-farm employment number beat expectations Upward revisions to prior months Average hourly earnings number jumped by .5 Immediate reaction

Volatile day in the markets Largest decline in Personal Spending since September 2009 Wages and Salaries gain slowest in 7

Fed’s official statement released yesterday Received by the market as hawkish, Fed is still reiterates “patience” The statement noted unguarded

Wall Street spared blizzard only to be buried in bad earnings and bad economic news December durable goods down 3.4%;