The unemployment was right on the market forecasts, except that the unemployment rate rose to 7.9%. In this world of central bank activism, tepid economic performance is what the global equity markets desire right now as deleveraging continues to plague the world’s developed economies. The moderate unemployment numbers–with some upward revisions to the two previous months job growth–allowed the U.S. S&P and DOW JONES equity indices to rally to five-year highs. Those who continue to argue that the PE ratio is high are missing the point: How do you value any asset class in a zero interest rate environment? Again, a global financial system awash in liquidity is an anomalous situation in which it is more than difficult to measure valuations based on historical levels. The FED wanted investors to enhance their risk profiles and that is certainly being accomplished.