The feeble job growth in the government's February employment report surprised economists and made the markets shudder, but the prospect of continued low interest rates softened the blow on Wall Street.
Stocks have surged as companies enjoy the increased borrowing power that comes with lower rates, and the economy seems to be improving steadily. But the absence of new jobs has kept analysts from declaring a victory over the bear market. It's also deterred the Federal Reserve from raising rates.
As a result, Friday's news that the nation's employers added just 21,000 positions last month, when economists were expecting an increase of 125,000, met some ambivalence in the equity markets. Stocks sank at first, but rose to mostly unchanged levels as investors decided a longer period with lower rates didn't sound so bad.
