Dow, S&P 500 and Nasdaq Post Major Weekly Gains | Honolulu Star-Advertiser
Weak July payrolls and softer rate-hike expectations helped drive the S&P 500 to a record, while 85.1% of reporting companies beat estimates, LSEG said.
- On Aug 7, the S&P 500 closed at a record high after The Labour Department reported the economy shed 23,000 jobs in July, dampening expectations for a Federal Reserve rate hike at its September meeting.
- With earnings season nearing completion, more than 85% of the 436 S&P 500 companies that reported results through Friday morning exceeded analyst expectations, according to LSEG data, well above the historical 68% average.
- Market expectations for a Fed rate hike at the next meeting dropped to about 44%, according to CME FedWatch, down sharply from 67% a week ago, as participants focused on economic data.
- Atlassian surged 35.3 per cent for its largest daily gain, while Microchip Tech jumped 13.9 per cent in its best performance in more than 15 months, after both forecast quarterly revenue above estimates.
- Tom Siomades, chief market economist at AE Wealth Management in Topeka, Kansas, said the market is in a "pickle" as investors must "lower rates to stimulate job growth, but if you lower rates, you're going to also stimulate inflation.
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The New York stock market rose as U.S. July employment figures fell short of expectations, making the slowdown in the job market more apparent. With easing concerns over interest rate hikes, the S&P 500 index hit a new all-time high, and a clear trend is emerging where investor interest is shifting from leveraged ETFs to individual large-cap tech stocks such as Amazon.
Dow, S&P 500 and Nasdaq post major weekly gains | Honolulu Star-Advertiser
NEW YORK >> U.S. stocks advanced today, with the S&P closing at a record high to cap off a strong week of gains for the major indexes, after data showed the U.S. economy unexpectedly shed jobs last month and dampened expectations the Federal Reserve would raise interest rates at its September meeting.
S&P closes at record high as soft jobs report eases rate-hike concerns
U.S. stocks advanced on Friday, with the S&P closing at a record high to cap off a strong week of gains for the major indexes, after data showed the U.S. economy unexpectedly shed jobs last month and dampened expectations the Federal Reserve would raise interest rates at its September meeting.
In the U.S., more jobs have been cut last month than expected. Wall Street likes to hear that, making an increase in interest rates more unlikely. The large US indices are growing significantly last weekend.
The broader S&P 500 index (+0.62%) reached a new closing record of 7,757.62 points. The Dow Jones gained 0.28% and the Nasdaq rose 1.30%.
The weak Jobs Report gave a boost to the market and removed expectations for an immediate interest rate hike from the Fed - Inflation data will be a barometer next week - Fed report: Americans more optimistic about jobs and Wall Street, but fears about debt remain
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