Stocks rise as investors cheer August jobs report

Stocks rise as investors cheer August jobs report”

Sept 1 (Reuters) - U.S. stocks were higher in early afternoon trading on Friday, with the major indexes hovering near record levels, after a tepid August jobs report reduced the odds of another rate hike this year. The Labor Department said on Friday nonfarm payrolls increased by 156,000 last month, while economists had forecast an increase of 180,000. But that didn't change Wall Street's view of the still-growing economy.

They bet that will keep the Federal Reserve from raising interest rates too quickly.

Shares of major automakers climbed after the companies reported better-than-expected August sales and issued optimistic outlooks as Houston area residents replace cars and trucks after Hurricane Harvey.

Banks rose with bond yields and interest rates.

The pattern of slow but steady job gains and weak inflation has helped push stocks higher for years. But investors appeared to be pleased at the prospect the Federal Reserve will leave interest rates lower.

He said Friday's report was "like nearly every other jobs report we've seen over the last four years".

The Nasdaq Composite was up 9.46 points, or 0.15 percent, at 6,438.12. The Nasdaq composite gained 1.1 per cent, to 6,368.31 as technology companies rose for the third day in a row. Along with technology companies and consumer-focused firms, health care companies and banks finished higher.

The S&P 500 hovered near all-time highs as major stock indexes marked gains for a second straight week.

The Russell 2000 index of smaller-company stocks advanced 8.29 points, or 0.6 percent, to 1,413.57.

Six months ago, stocks made their biggest gain of the year as the S&P 500 jumped 1.4% on March 1.

While businesses continue to hire workers at a steady pace, inflation is well still below the Federal Reserve's target of 2 percent. But based on reports like Friday's, investors don't think that will happen.

Canadian yoga and leisure apparel maker Lululemon Athletica rose 7.2 percent on earnings beat. Still, the increase in bond yields and interest rates gave banks a boost.

Japan's benchmark Nikkei 225 edged up 0.2 percent to finish at 19,691.47, while Australia's S&P/ASX 200 added almost 0.2 percent to 5,724.60.

General Motors jumped 0.9 percent after reporting that August sales were up 7.5 percent over the same month a year ago. A record amount of rain left extensive flooding in Houston, the fourth-largest U.S. city, and the storm's slow movement to the north and east was raising flood risks elsewhere in Texas and in other states. Fiat Chrysler jumped 4.6 percent.

ENERGY: Benchmark U.S. crude slipped 31 cents to $46.92 a barrel. Brent crude, used to price worldwide oils, added 2 cents to $50.75 in London.

Wholesale gasoline prices have climbed because of rains and flooding in the Gulf Coast. The storm knocked out significant oil drilling and refining capacity, and on Tuesday, the largest US oil refinery shut down and the operator of a major pipeline carrying fuel to the East Coast said it was running at a reduced rate. On the Nasdaq, 1,711 issues rose and 1,033 fell.

The dollar rose to ¥110.24, from ¥109.98. The euro edged up to $1.1876 from $1.1885. France's CAC 40 gained 0.4 percent to 5,077.40. Hong Kong's Hang Seng shed 0.4 percent to 27,970.30 and Seoul's Kospi lost 0.4 percent to 2,363.19.

Like this



04 September 2017
Nikon D850 with 45.7-Megapixel sensor coming to India on 7 September
The Nikon D850 has a rugged magnesium alloy body which is weather sealed, so it can withstand gruelling environments. The camera features a 3.2-inch, 2.35 million dot resolution display with touchscreen and tilt functionality.

04 September 2017
Michael Fassbender and Alicia Vikander are reportedly tying the knot next month
And I think it's better to come up with your own romantic ideas because that's what will give you wonderful memories". Alicia and Michael first got together in 2014 in November of that year whilst filming "The Light etween Oceans".

04 September 2017
Extremely Rare Translucent 'Ghost' Lobster Caught off the Coast of Maine
Alex Todd, an amateur fisherman from Chebeague Island, caught this ghostly crustacean last month while on a fishing trip. University of Maine's Lobster Institute executive director Robert Bayer said that albino lobsters are vanishingly rare.

04 September 2017
India deplores NKorea's nuclear test
Before India, China had also strongly deplored North Korea for conducting nuclear test and slammed Pyongyang for ignoring global condemnation of its atomic weapons programme.

04 September 2017
What's closed, what's open for Labor Day holiday
In the county, there will be no curbside collections and all county dumps and recycling centers will be closed. Some offices are shut down, along with schools; most banks are closed and mail is on hold as well.

04 September 2017
Atletico Madrid halve Antoine Griezmann buyout clause
After three Premier League matches Manchester United haven't shown any need for Griezmann, and the Red Devils could decide to pass on the player in January.

04 September 2017
Two militants killed in Kashmir encounter
Early morning when the searches started, the militants hiding in the area opened fire and it established the contact. So far, forces have recovered an AK-47 rifle from their possession and the combing operation is underway.

04 September 2017
Nokia 8 pre-orders in the United Kingdom come with free smartwatch
The Nokia 8 is priced at €599 (approx $710 / Rs. 45,500) and is mentioned to be available globally from September 2017. Carphone Warehouse , a British retailer, is now giving a Nokia Steel smartwatch free on the pre-order of the device.

04 September 2017
Gujarat Fortunegiants vs Jaipur Pink Panthers
For Gujarat, Sachin's efforts with seven raid points and Abozar Mighani's work defensively (four tackle points) went in vain. This was their first match in nearly two weeks and they have got ample time to leave behind their disastrous home leg.

04 September 2017
Chelsea, Man City alerted as fed-up Alderweireld fires warning at Spurs
Either he deserves an appropriate contract, or else he should be given a transfer", Francis told Independent . I can really see myself getting a whole lot better.