Friday, 05 March, 2021


Wall Street's technology-driven rally chugs on despite weak hiring data

US Weekly Jobless Claims S&P 500, Nasdaq Composite hit all-time highs; Dow rises 215 points
Conrad Doyle | 03 September, 2020, 06:22

US-listed Chinese companies traded mostly lower, with six of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on a downbeat note.

At 2:20 p.m. EDT, the Dow Jones Industrial Average was up 290.91 points, or 1.02%, at 28,936.57, the S&P 500 gained 38.95 points, or 1.10%, to 3,565.6 and the Nasdaq Composite added 71.09 points, or 0.6%, to 12,010.76. Treasury yields were mixed.

Sept 2 (Reuters) - The S&P 500 rose on Wednesday for the ninth time in the past ten sessions on a boost from Nvidia and Microsoft, as data showed a moderate increase in US private payrolls last month.

US private employers hired 428,000 workers in August, according to an ADP report, far below economists' forecast of a 950,000 increase, signaling the labor market recovery was slowing as the COVID-19 pandemic drags on and fiscal stimulus fades.

The surge came despite disappointing hiring data from private payrolls firm ADP and a tepid assessment of U.S. economic conditions from the Federal Reserve.

DraftKings was among the big gainers, vaulting 8% after announcing that basketball legend Michael Jordan would take an ownership stake in the company in exchange for becoming a special advisor to the sports betting site.

Macy's gained 1.5% after reporting a quarterly loss that was much smaller than analysts were anticipating. The Nasdaq composite recovered from an early slide, adding 116.78 points, or 1%, to 12,056.44.

European stocks were broadly higher.

Spot gold sank 1.4% to $1,943 an ounce, as the USA dollar gained strength.

Wall Street climbed on September 1 as a surge in Apple shares propelled the tech-heavy Nasdaq to record highs, while better-than-expected United States manufacturing sector data fueled optimism around a post-pandemic economic recovery.

Technology stocks pressed the S&P 500 and Nasdaq to record highs at the open on Wednesday, while the Dow inched closer to its pre-pandemic peak as information revealed a moderate increase in USA personal payrolls last month. The large-cap index notched up a gain of more than 7% hitting multiple all-time highs.

Encouraging data as more businesses shut down due to the pandemic have reopened and hope that the race to develop a vaccine for COVID-19 will yield results by the end of this year have fueled investor optimism that the economy will bounce back from a deep recession.

WTI crude oil futures (October) slid 2.9% to $41.51 a barrel, pressured by the rebound in US dollar.

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