YORK, Sept 5 (Reuters) - DOW ended slightly lower on Friday
Bank shares were among those taking the biggest hit, with the S&P 500 bank index (.SPXBK), opens new tab ending 2.4% lower.However, Broadcom (AVGO.O), opens new tab shares rose 9.4%, helping to offset market losses, a day after the chipmaker unveiled a $10 billion artificial intelligence chip order from a new customer and forecast fourth-quarter revenue above estimates.
The U.S. economy created 22,000 jobs last month instead of an estimated 75,000, confirming softening labor market conditions, according to the Labor Department report. Part of the problem in fewer jobs being created in the U.S. is due to a combination of factors, including the Federal Reserve's efforts to combat inflation through higher interest rates. And of course, there are fewer illegals working.
The three major U.S. stock indexes initially rose and broke records following the data, as traders of futures tied to the Fed's policy rate boosted bets that the U.S. central bank will trim rates in quick succession, starting this month, with a 50-basis-point easing now on the table.
"It's going to take more than one bad data set for us to dislodge this market at this point," said Pete Mulmat, CEO of IG North America, parent company of tastytrade, in Chicago.
For the week, the Dow fell 0.3%, the S&P 500 gained 0.3% and the Nasdaq rose 1.1% and Democrats continue to scream like crazy as they blame Trump Tariffs on everything lately.
1 comment:
A lot of people care about the stock market but if you are older one really should play it safe and not get so greedy!
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