Friday’s Midday Movers: 3 Stories Driving Markets
The major U.S. stocks were gaining Friday after a weaker-than-expected jobs report helped alleviate worry that the Federal Reserve would begin tapering its stimulus program this year. As of noon:
|DIJA: +0.24% to 14,972.87||S&P 500: +0.35% to 1,660.82||NASDAQ: +0.23% to 3,667.17|
|Gold: +0.15% to 77.99||Oil: +1.96% to 26.04||U.S. 10-Year: -2.18% to 29.14|
Here are three stories helping shape the market Friday afternoon.
1. Service Sector Activity Surges to Post-Crisis Record: Markets reached for modest gains Thursday afternoon, buoyed by a motley array of economic and business reports. Initial jobless claims, reported before the opening bell by the U.S. Bureau of Labor Statistics, declined to a four-week average of just 328,500, the lowest level since October 2007.
ADP and Moody’s Analytics reported that employers added 176,000 people to payrolls last month, roughly in line with the average monthly gain over the past two years. However, planned job cuts, as reported by consultancy firm Challenger, Gray & Christmas, increased 57 percent on the year to 50,462 in August, the highest level since February… (Read more.)