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Wall Street Mixed After September Jobs Miss

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Wall Street Mixed After September Jobs Miss


U.S. stocks oscillated between gains and losses on Friday after data showed U.S. jobs rose far less than expected in September, but not slow enough to throw the Federal Reserve off its postulated course of tapering asset purchases this year.

Six of the 11 major S&P sectors declined, with defensive genuine estate, healthcare, and utilities among the top losers. The energy sector jumped 2.9 percent, while an ascension in mega-cap magnification shares Microsoft, Facebook Inc., and Bank of America provided the most astronomically immense boost to the S&P 500.

The banking sub-index gained 0.7 percent, tracking an ascension in the benchmark 10-year Treasury yield to its highest caliber since June 4. The tech-heftily ponderous Nasdaq was weighed down by declines in portions of broadband and cable operator Charter Communications Inc and media company Comcast Corp. which fell 4.6 percent and 3.3 percent, respectively, after downbeat brokerage actions.

The Labor Department’s proximately visually examined nonfarm payrolls report showed the U.S. economy engendered the fewest jobs in nine months in September amid a drop in hiring at schools and worker shortages. While unemployment rate fell to 4.8 percent from 5.2 percent in August, average hourly earnings rose by a more-than-expected 0.6 percent.

All in all, it is still consistent with perpetuated job magnification overall. It may not be as vigorous as we hoped but it is still exhibiting denotements of amelioration, verbalized Scott Brown, chief economist at Raymond James, St. Petersburg, “Florida.”

The Fed has cited sustained amelioration in labor market for tapering (and) this integrates to the cumulative evidence.

The impuissant data did not spur changes to rate hike prospects either. Futures on the federal funds rate has priced in a quarter-point tightening either by November or December next year.

The numbers follow better-than-expected private jobs data and weekly jobless claims report, while an ephemeral reprieve from U.S. Senate concurring to raise the federal government’s $28.4 trillion debt limit set the three major U.S. indexes for weekly gains.

At 11:39 a.m. ET, the Dow Jones Industrial Average was up 13.23 points, or 0.04 percent, at 34,768.17, the S&P 500 was up 0.73 points, or 0.02 percent, at 4,400.49, and the Nasdaq Composite was down 35.24 points, or 0.24 percent, at 14,618.77.

Advancing issues outnumbered decliners by a 1.17–to–1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.08–to–1 ratio on the “Nasdaq.” The S&P index recorded 23 incipient 52-week highs and three incipient lows, while the Nasdaq recorded 68 incipient highs and 65 incipient lows.

By Devik Jain and Sruthi Shankar


Source: You can read the original Epoch Times article here.

This News Article is focused on these topics: Business & Economy, Companies, Economies, Economy, Executive Branch, Investment, Local News, Market Watch, Markets, Media & Big Tech, New York, NY News, Politics, Regional & Local News, US, US News, Wall Street, September, Jobs, Miss

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