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10-03-2014, 10:42 AM #1
Burst of Hiring Sends Wall Street Higher
Burst of Hiring Sends Wall Street Higher
By THE ASSOCIATED PRESSOCT. 3, 2014
Stronger than expected United States jobs data shored up stock markets Friday and helped propel the dollar higher.
KEEPING SCORE The Dow Jones industrial average rose 0.92 percent and the Standard & Poor’s 500-stock index was up 0.83 percent. The Nasdaq composite index gained 0.78 percent.
PAYROLLS IN FOCUS The positive tone in stock markets remained after figures showed that United States employers added 248,000 jobs in September, above market expectations for a 215,000 increase.
The hiring helped drive down the unemployment rate to 5.9 percent, the lowest since July 2008, from 6.1 percent in August. The Labor Department report Friday also revised up figures for July and August. The Fed is closely watching the jobs data as it assesses when to start raising interest rates from near zero percent.
DOLLAR RISES With rate increase expectations mounting, the dollar pushed higher after the figures. The euro was down 1 percent at $1.2536 while the dollar rose 0.9 percent to 109.34 yen.
ANALYST TAKE “September’s figures are more than encouraging and, with the labor market recovering and momentum building, expectations of an interest rate hike will grow,” said Dennis de Jong, managing director atUFX.com.
IN EUROPE The jobs news roused markets overseas: The CAC-40 added 0.7 percent in France, while the FTSE 100 in Britain rose 1.2 percent. German markets were closed for a holiday. On Thursday, markets were disappointed after the European Central Bank said it would buy bonds to stimulate demand but failed to announce a size for the program or purchases of sovereign debt.
ASIA’S DAY The Hang Seng in Hong Kong plunged 1.4 percent at the opening after a two-day holiday break but recovered to close up 0.6 percent at 23,064.56 despite pro-democracy protests. In Japan, the Nikkei 225 gained 0.3 percent to 15,708.65 and in Australia, the S.&P./ASX 200 added 0.4 percent to 5,318.20. Market benchmarks in Taiwan, Singapore and Manila also rose. South Korean and Indian markets were closed for holidays.
HONG KONG Stocks rallied after Chief Executive Leung Chun-ying offered talks with protesters who oppose plans to require candidates for the 2017 election for his successor to be approved by a panel dominated by pro-Beijing business leaders. Protesters say the communist mainland government is reneging on a promise of “universal suffrage” for the territory. Stocks in retailing and tourism have plunged but analysts say the economic impact of the protests is limited.
ENERGY Benchmark United States crude fell 28 cents to $90.69 despite concern supplies exceed global demand. On Thursday, the contract added 28 cents to $91.01. Brent crude, used to price international oils, added 14 cents to $93.56.
GOLD Gold fell as traders moved money out of safe-haven assets. Gold fell 1 percent to $1,200 an ounce.
BONDS Bond prices fell. The yield on the 10-year Treasury rose to 2.46 percent.
http://www.nytimes.com/2014/10/04/bu...ivity.htmlNEXT IN BUSINESS DAY
Jobless Rate in U.S. Falls Below 6% as Hiring Picks Up
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