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U.S. stocks ended mostly lower on Friday after data showed disappointing jobs additions for September. However, optimism surrounding the Fed’s decision to begin reducing bond purchases as the economy continues to reopen helped indexes record weekly gains. All the three major indexes ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell less than 0.1% or 8.69 points to finish at 34,746.25 points.
The S&P 500 declined 0.2% or 8.42 points to close at 4,391.34 points. Energy and financial stocks were the only gainers.
The Energy Select Sector SPDR (XLE) and the Financials Select Sector SPDR (XLF) gained 3.1% and 0.5%, respectively. Nine of the 11 sectors of the benchmark index closed in negative territory.
The fear-gauge CBOE Volatility Index (VIX) was down 3.94% to 18.77. A total of 9.2 billion shares were traded on Friday, lower than the last 20-session average of 11 billion. Decliners outnumbered advancers on the NYSE by a 1.24-to-1 ratio. On Nasdaq, a 1.52-to-1 ratio favored declining issues.
Markets Survive Choppy Trading Session
Friday saw a choppy trading session with something for both the bulls and bears. The disappointing jobs data that showed lower-than-expected number of jobs created in September made left investors confused and jittery as they are now weighing if the job gains are sufficient for the Fed to go ahead with its plans of scaling back its monetary stimulus policy.
A rise in the Treasury yield indicates that lower-than-expected jobs created in September won’t create much of an impact on the Fed to go ahead with its plans of rolling back its easy monetary policy before the year end. This somewhat kept investors confused leading to bumpy trade on Friday.
Energy Stocks Rally
Despite a choppy trading session that saw all the three indexes ending slightly lower on Friday, energy stocks were the big winners. Oil prices jumped more than 4% this week, owing to the ongoing global energy crisis. The U.S. oil benchmark, West Texas Intermediate crude futures, surpassed $80 per barrel. This has happened for the first time since November 2014.
Economic Data
The Labor Department said on Friday that nonfarm payrolls increased by 194,000 in September, a lot lower than expectations of 500,000. Unemployment rate declined to 4.8% against expectations of 5.1%. August’s report was revised to 366,000 from 235,000.
The disappointment in numbers of total jobs created was primarily hurt by a decline of 123,000 in government payrolls. However, private payrolls jumped by 317,000.
However, wages increased substantially. The monthly gain of 0.6% has now taken the year-over-year jump in wages to 4.6%.
Weekly Roundup
All the major indexes ended in positive territory for the week. The Dow advanced 1.2%, recording its best week since June 25.The S&P 500 gained 0.8%, recording its best week since August. However, the Nasdaq added a meager 0.1% for the week.
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Stock Market News for Oct 11, 2021
U.S. stocks ended mostly lower on Friday after data showed disappointing jobs additions for September. However, optimism surrounding the Fed’s decision to begin reducing bond purchases as the economy continues to reopen helped indexes record weekly gains. All the three major indexes ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell less than 0.1% or 8.69 points to finish at 34,746.25 points.
The S&P 500 declined 0.2% or 8.42 points to close at 4,391.34 points. Energy and financial stocks were the only gainers.
The Energy Select Sector SPDR (XLE) and the Financials Select Sector SPDR (XLF) gained 3.1% and 0.5%, respectively. Nine of the 11 sectors of the benchmark index closed in negative territory.
The tech-heavy Nasdaq slid 0.5% or 74.48 points to end at 14,579.54 points. Shares of Amazon.com, Inc. (AMZN - Free Report) declined 0.4%, while Apple, Inc. (AAPL - Free Report) fell 0.3%. Apple carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The fear-gauge CBOE Volatility Index (VIX) was down 3.94% to 18.77. A total of 9.2 billion shares were traded on Friday, lower than the last 20-session average of 11 billion. Decliners outnumbered advancers on the NYSE by a 1.24-to-1 ratio. On Nasdaq, a 1.52-to-1 ratio favored declining issues.
Markets Survive Choppy Trading Session
Friday saw a choppy trading session with something for both the bulls and bears. The disappointing jobs data that showed lower-than-expected number of jobs created in September made left investors confused and jittery as they are now weighing if the job gains are sufficient for the Fed to go ahead with its plans of scaling back its monetary stimulus policy.
A rise in the Treasury yield indicates that lower-than-expected jobs created in September won’t create much of an impact on the Fed to go ahead with its plans of rolling back its easy monetary policy before the year end. This somewhat kept investors confused leading to bumpy trade on Friday.
Energy Stocks Rally
Despite a choppy trading session that saw all the three indexes ending slightly lower on Friday, energy stocks were the big winners. Oil prices jumped more than 4% this week, owing to the ongoing global energy crisis. The U.S. oil benchmark, West Texas Intermediate crude futures, surpassed $80 per barrel. This has happened for the first time since November 2014.
Economic Data
The Labor Department said on Friday that nonfarm payrolls increased by 194,000 in September, a lot lower than expectations of 500,000. Unemployment rate declined to 4.8% against expectations of 5.1%. August’s report was revised to 366,000 from 235,000.
The disappointment in numbers of total jobs created was primarily hurt by a decline of 123,000 in government payrolls. However, private payrolls jumped by 317,000.
However, wages increased substantially. The monthly gain of 0.6% has now taken the year-over-year jump in wages to 4.6%.
Weekly Roundup
All the major indexes ended in positive territory for the week. The Dow advanced 1.2%, recording its best week since June 25.The S&P 500 gained 0.8%, recording its best week since August. However, the Nasdaq added a meager 0.1% for the week.