Markets set to watch jobs data, ECB this week

US STOCKS eked out gains for the week and the month, but analysts say a continuation of the roll this week will depend on cooperation from jobs data, the European Central Bank (ECB) and the US Federal Reserve.

The market barely flinched at the shocking news that the US economy contracted by a hefty one per cent in the first quarter. Stock traders care only about what's coming next.

The GDP (gross domestic product) data was dismissed as a distillation of reports that were already available to the market; everyone knew the US consumer was effectively snowed in from January through March.

What reassured bullish traders over the last couple of weeks was the relatively strong April housing data and a modest increase …