brytfmonline

Complete News World

Lower revenues and lower-than-expected salaries give Wall Street a breather

Lower revenues and lower-than-expected salaries give Wall Street a breather

The major indexes on Wall Street ended up higher and reversed the trend at the beginning of the session, even after they had fallen. Knowledge Employment numbers in the United States.

In September, 336,000 jobs were created, a figure that nearly doubles market expectations of 170,000, according to Reuters. The unemployment rate remained unchanged at 3.8%.


The high strength of the labor market has renewed concerns that the Federal Reserve’s benchmark interest rates may remain in restricted territory for longer than expected.After the release of this data, US debt yields worsened, but ended up falling at the end of the session, allowing for a rally in the stock market. Other traders say the shift in trend was due to payroll data – which rose less than expected in August.

The Standard & Poor’s 500 index rose 1.18% to 4,308.50 points, the Dow Jones Industrial Average increased 0.87% to 33,407.58 points, and the Nasdaq technology index added 1.6% to 13,431.34 points.

“It’s a ‘Goldilocks’ scenario — which states that something should fall within reasonable margins, rather than reaching extremes —,” analyst Tim Gresky of Ingalls & Snyder explained to Reuters.

“We’ve raised interest rates, inflation is coming down and the economy is booming. It’s the best ever, as long as inflation keeps falling. And that’s the risk – if inflation doesn’t actually keep falling.” He pointed out.

Among the market movements, Tesla shares ended up 0.18%, after it announced that it would reduce the prices of the Model 3 and Y in the United States.

See also  Altri and BCP down more than 6% on the red day on stock exchanges - Markets

Exxon Mobil shares fell 1.67%, after it was reported that the giant oil company was in the process of conducting a… buying Pioneer Natural Resources (PNR), in what would be its largest acquisition since the turn of the century. The interest rate, in turn, rose by 10.45%.

General Motors (1.95%) and Ford (3.22%) were also among the gainers, after the United Auto Workers (UAW) union said it would not hold any more strikes next week, given progress in salary negotiations with the companies.