private payroll report was a broad miss with just 117k new jobs being added
versus expectations for 225k. Such a sizable miss likely means Friday’s
official government tally will not have as big of an impact as weakness is
likely widely expected now. Historically, March’s job report release day
(February numbers) has a bullish track record over the last 21 year. DJI,
S&P 500 and Russell 1000 have the best record up 71.4% of the time.
Small-caps, measured by the Russell 2000 also held up well. Average gains on
the day have been mild between 0.07% for NASDAQ and 036% for Russell 2000.