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Wall Street gained modestly on Friday as a tepid US jobs report kept expectations muted for another interest rate hike this year, while investors kicked off a typically dour month for stocks on a positive note. US job growth slowed more than expected in August after two straight months of hefty increases. The Labor Department said on Friday nonfarm payrolls increased by 156,000 last month, while economists had forecast an increase of 180,000. Following the data, traders were betting on a 39 percent chance that the Federal Reserve would raise rates at its December meeting, similar to bets earlier in the week, according to the CME Group’s FedWatch tool.
The latest economic data that came out today didn’t provide information to the Fed that they need to go out and raise interest rates. The data kind of continued to show this Goldilocks-type situation, which the market tends to like.
The Dow Jones Industrial Average rose 39.46 points, or 0.18 percent, to end at 21,987.56, the S&P 500 gained 4.9 points, or 0.20 percent, to 2,476.55 and the Nasdaq Composite added 6.67 points, or 0.1 percent, to 6,435.33.