ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » World News

Wall Street advances as US payrolls report falls short

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Wall Street advances as US payrolls report falls short
Traders work on the floor of the NYSE. Image Source: Reuters

US stocks advanced on Friday as a weaker-than-expected payrolls report tamped down expectations for a September rate hike from the US Federal Reserve, although hawkish comments from another Fed official kept expectations for one this year intact.

US non-farm payrolls rose by 151,000 jobs in August after an upwardly revised 275,000 increase in July, with job cuts in manufacturing and construction, the Labour Department said. Economists polled by Reuters had forecast payrolls rising by 180,000 last month.

Traders trimmed the probability of a Fed rate hike this month to 21% from the 24% chance on Thursday, according to CME Group's FedWatch program. However, the odds for a December rate increase edged up to 54.2% from 53.6% the previous day.

"People are taking a little bit of a relief that it wasn’t a 200,000-plus print, certainly in the equity market," said Sean Lynch, co-head of global equity strategy at Wells Fargo Investment Institute in Omaha.

"Equity markets are going to give the Fed at least one rate increase but if they start to perceive a series of hikes coming, and coming sooner than later, that is when equity markets will get a little nervous here."

Despite the soft report, Richmond Federal Reserve Bank President Jeffrey Lacker on Friday said the US economy appears strong enough to warrant significantly higher interest rates. Lacker argued that a range of economic analysis suggests the Fed`s benchmark overnight interest rate is too low.

Several Fed officials have made hawkish comments about a rate hike in recent weeks, leaving investors unable to rule out the possibility of an increase at the central bank`s next meeting, scheduled for September 20-21.

The US dollar index, which measures the greenback against a basket of six major currencies, bounced back after touching a one-week low to trade up 0.22%.

The Dow Jones Industrial Average rose 72.66 points, or 0.39%, to 18,491.96, the S&P 500 gained 9.12 points, or 0.42%, to 2,179.98 and the Nasdaq Composite added 22.69 points, or 0.43%, to 5,249.90.

For the week, both the Dow and S&P 500 rose 0.5% and the S&P gained 0.6%.

The energy sector, up 0.8%, helped pace gains as both West Texas Intermediate (WTI) and Brent oil prices settled up 3%, but crude prices still ended the week with sharp losses on oversupply concerns.

Utilities, which benefit from low interest rates, were up 1.2%, the best performing of the 10 major S&P sectors.

Lululemon Athletica lost 10.6%, its worst day since early December, at $68.57 after the Canadian yoga wear retailer reported quarterly comparable-sales growth below expectations.

Broadcom fell 2.2% to $173.11 after the chipmaker's revenue in its largest segment stalled in the latest quarter. The stock was the biggest drag on the S&P and the Nasdaq.

Advancing issues outnumbered declining ones on the NYSE by a 4.23-to-1 ratio; on Nasdaq, a 2.25-to-1 ratio favoured advancers.

The S&P 500 posted 41 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 151 new highs and 18 new lows.  

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
US StocksMarketsinterest rate hikeUS Fed RateUS DollarDow Jones Industrial AverageWest Texas IntermediateBrent CrudeS&P 500payrolls
Written By: Reuters
Updated: Sat, Sep 03, 2016
01:29 pm
New York, Reuters
RELATED NEWS
Slower US Aug payrolls growth dims September US Fed rate hike prospects Slower US Aug payrolls growth dims September US Fed rate hike prospects
US employment growth slowed after two months gain US employment growth slowed after two months gain

LATEST NEWS

Zomato shares spurt 10% ahead of Q3 results; brokerages see up to 75% upside potential

ICICI Bank hikes fixed deposit interest rate by 1.5%

TD Power Systems net profit up nearly 3% to Rs 20 crore in Q3

LinkedIn crosses 100 million members milestone in India

Closing Bell: Sensex hits triple ton, Nifty up 150 points as RBI repo rate hike on expected lines

Lucknow name change: BJP MP Sangam Lal Gupta demands to rename Uttar Pradesh capital

UPI payment for foreign travellers to India allowed by RBI

Ahead of ban order, RBI gave a list of apps working with NBFCs to govt

Gold Price Today (February 7): Yellow metal recovers on softer dollar as traders await economic cues - Check rate in Delhi, Mumbai and other cities

RBI likely to hike key lending rate by 25 bps today; could it spell a pause in increases for now?

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV