The strong jobs report is just strong enough, says a cautiously optimistic U.S. stock market

That sound you heard Friday morning was Wall Street letting out one big sigh, and then a bigger second one.

The report also provided a brighter picture than ADP’s private-sector employment report from Wednesday which showed only 330,000 jobs added in July, hugely underwhelming the 653,000 forecast.

The Federal Reserve has made it clear that it wants to start the dreaded withdrawal of its monetary stimulus measures, including a tapering of its bond purchases, which has prompted investors to try to thread the needle by looking for economic growth that would still leave just enough weakness to keep interest rates low for a while longer.

That ‘nice but not too nice’ sentiment was echoed in U.S. Treasury yields, with the 10-year Treasury note yield jumping about 7 basis points to settle at 1.288% on Friday, leaving yields still at the low end of their range for the year.

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