Aside from the employment report, the week’s economic news was generally upbeat. Unfortunately, market players – and economists – generally attach a very high weight to the employment report. And it was anemic. May's jobless rate did dip slightly and payrolls were in line with expectations, but payrolls for previous months were revised down suggesting that growth stalled in the second quarter. The equity market's general malaise finds justification. The weak report would have usually triggered a spurt in bond prices, but these went down as well.