US stocks fluctuated between gains and losses on Friday, when data showed US jobs grew much less than expected in September, but not slow enough to prompt the Federal Reserve to reduce its asset purchases this year. Ejected from the projected course.
Six of the 11 major S&P sectors declined, with defensive real estate, healthcare and utilities being the top losers.
The energy sector jumped 2.9%, while rises in mega-cap growth stocks Microsoft, Facebook Inc and Bank of America gave the S&P 500 the biggest boost.
The banking sub-index rose 0.7%, tracking the rise in the benchmark 10-year Treasury yield to its highest level since June 4.
The tech-heavy Nasdaq was weighed down by declines in broadband and cable operator Charter Communications Inc. and media company Comcast Corp, which fell 4.6% and 3.3%, respectively, after brokerage actions.
The Labor Department’s closely watched non-farm payrolls report showed the US economy created the fewest jobs in nine months in September, amid increased school hiring and labor shortages. While the unemployment rate fell to 4.8% from 5.2% in August, average hourly earnings increased by 0.6% more than expected.
“Overall, this is still in line with continued job growth overall. It may not be as strong as we had hoped, but it’s still an improvement,” said Scott Brown, chief economist at Raymond James, St. Petersburg, Florida. showing signs of.”
“The Fed cites continued improvement in the labor market[and]it adds to the cumulative evidence.”
Weak data also did not change expectations of a rate hike. Futures on the federal funds rate are expected to gain a quarter-digit strength by November or December of next year.
The numbers follow better-than-expected private jobs data and weekly jobless claims reports, while a temporary relief from the US Senate agrees to raise the federal government’s $28.4 trillion debt limit, which has hit three major US indices for weekly gains. have been determined.
At 11:39 a.m., the Dow Jones Industrial Average was up 13.23 points, or 0.04%, at 34,768.17, the S&P 500 was up 0.73 points, or 0.02%, at 4,400.49 and the Nasdaq Composite was up 35.24 points, or 0.24. %, at 14,618.77.
Advancing issues declined by a 1.17-to-1 ratio on the NYSE. Issues decline in the number of advances to a 1.08-to-1 ratio on the Nasdaq.
The S&P index recorded 23 new 52-week highs and three new lows, while the Nasdaq recorded 68 new highs and 65 new lows.
This story has been published without modification in text from a wire agency feed.
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