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Global Wrap:
Markets Rise After Employment Reports
Current Futures: Dow +100.00, S&P +12.50, NASDAQ +31.00
Stock markets in the United States gained on the day despite unemployment rates hitting a 26 year high. The Dow climbed 91.37 points while the S&P 500 gained 12.39 points and the tech heavy Nasdaq advanced 33.69 or 1.70 percent on the day. All sectors were showing signs of strength with conglomerates rising 2.07 percent and energy 1.90 percent while technology was up 1.85 percent. General Electric was trading higher by 3.35 percent. Exxon Mobil gained 1.35 percent while Apple and Microsoft rose over 2 percent on the day.
The big news today had to have been the employment reports from the United States. These reports are released the first Friday of every month and can sometime make or break a trader’s monthly percentage. This month, the pace of losses declined during the month of August as employers cut their payrolls by 216 thousand jobs. This was less than the forecasted number of 276 thousand. Also, the unemployment rate hit a 26 year high, rising to 9.7 percent while the under-employment rate (part time workers who are waiting for full time positions to open up) has jumped to 16.8 percent.
The Dow Jones Index gained 91.37 points (0.98%) to 9,435.98, while the S&P 500 index added 13.14 points (1.31%) to 1,016.38
Crude oil for October delivery was recently trading at $67.78 per barrel, lower by $0.18.
Gold for October delivery was recently trading lower by $4.50 to $993.20.
Treasuries declined before the employment reports were due, paring gains for the week.. Yield on the 10-year note climbed 3.0 basis points to 3.37%.