Stock market jumps to Friday peak after modest job gains, unemployment falls to 50-year low
Friday, 4 October 2019 23:50 WIB |
MARKET UPDATE | Standard & Poor's 500saham A.S
U.S. stocks rose Friday, reversing losses in premarket trade, after the Labor Department estimated that the American economy added 136,000 jobs in August, enough to let the unemployment rate to fall to a 50-year low of 3.5%, but not to dissuade the Federal Reserve from cutting interest rates further this year.
Investors await a speech from Federal Reserve chair Jerome Powell later Friday.
The Dow Jones Industrial Average rose 237 points, or 0.9%, at 26,439, the S&P 500 index added 28 points, or 1% to 2,938, while the Nasdaq Composite advanced 78 points, or 1%, to 7,949.
For the week, the Dow is on pace for a decline of 1.5% so far, the S&P 500 is set for a drop of 1.3%, but the Nasdaq was set for a weekly rise of 0.1%. The Russell 2000 index which suffered a bearish œdeath cross on Thursday, was on track to shed 2.1%.