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Wall Street got a pleasant surprise today when news came before the market opened that China’s central bank was cutting interest rates. Adding to the euphoria was a pledge by European Central Bank President Mario Draghi to be more aggressive about stimulating the euro zone economy.
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.