Wall Street On 3-Day Winning Streak Ahead Of US Jobs Report For September
Umer Jamshaid 9 days ago Fri 08th October 2021 | 02:00 AM
NEW YORK (UrduPoint News / Sputnik - 08th October, 2021) Stocks on Wall Street rounded out a third straight day of gains ahead of Friday's scheduled release of the US jobs report for September, which analysts expect to be better than the previous month's yet not too strong to push the Federal Reserve towards deciding on a rate hike.
Also boosting sentiment was the deal reached between Democrat and Republican lawmakers, who managed to agree on raising the US debt ceiling by $480 billion to avert a government shutdown and debt default at least until December.
"Jobless claims show the labor market is heading in the right direction again... as investors remain upbeat that the US won't default on its debt," said Ed Moya, analyst at online trading platform OANDA. "The outlook for 2022 remains optimistic given markets are still expecting Democrats to ultimately deliver infrastructure spending and President Biden's economic plan by December.
Wall Street's Big Tech sector, represented by the Nasdaq Composite Index, again led gains for the day, while the blue-chip S&P 500 and the broad-based Dow Jones Industrial Average indexes came in second and third, respectively.
The Dow finished Thursday's session up 340 points, or 0.1%, at 34,757. The broad-based industrial indicator has risen 2.2% over the past three days.
After a heady run through most of the first three quarters of the year, US stocks have encountered sharp swings since last month on a range of worries that include escalating oil prices and inflation. This week alone, Nasdaq had its worst day since June, when it fell just over 2% on Monday.
For Friday's September jobs report, analysts expect the Labor Department to report a gain of 500,000 positions versus 235,000 in August. If the rise is more than 600,000, it could prompt the Federal Reserve to expedite the rollback of its long-running stimulus and super-low interest rates programs.