Market Wrap: Today's market action had everything to do with Jobs, or rather the lack of them. Our benchmark FNMA 5.5% mortgage bonds gained 65bp to close at $101.34 after a far worse than anticipated monthly Jobs Report provided further evidence the economy has slipped into a recession. The Labor Department reported a loss of 80,000 jobs in March, the greatest job loss in five years. The market was looking for a loss of 50,000 jobs. To rub salt in the wound, February's previously reported job loss of 63,000 was revised to a greater loss of 76,000 jobs. As a consequence, the Unemployment Rate spiked to 5.1% from February's level of 4.8%, and with the higher job loss revisions worse job loss levels may lie ahead of us. The sour jobs news prevented the stock market from mounting any type of meaningful rally, but investors were surprised at how well the stock market held up during today's session rather than undergoing a sharp sell-off. In fact, the major indexes managed to turn in a "mixed" performance with the Dow Jones Industrial Average slipping 16 points lower to close out the week at 12,609. The NASDAQ Composite Index managed to scratch out a 7 point gain to close at 2,370 while the broader S&P 500 Index picked up a point to close at 1,370