• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Wall St holds ground as jobless claims fall to near 18-month low

September 9, 2021 by David Barret Leave a Comment

September 9, 2021

By Shashank Nayar

(Reuters) – Wall Street indexes held steady on Thursday as weekly jobless claims fell to a near 18-month low, allaying fears of a slowing economic recovery.

The Labor Department said initial claims for state unemployment benefits dropped 35,000 to a seasonally adjusted 310,000 for the week ended Sept. 4, the lowest level since mid-March 2020.

The economy-sensitive S&P 500 financial sector index and the banking sub-index were among the top gainers, rising about 0.7% each.

JPMorgan, Wells Fargo, Citi Group and Morgan Stanley gained between 1.1% and 1.6%, tracking a slight rise in benchmark bond yields following the data. [US/]

Six of the 11 major S&P 500 sectors were higher in early afternoon trading, with the defensive real estate, utilities and consumer staples falling the most.

“This jobs data is counter-intuitive to the way market are moving because it provides a reason for the Federal Reserve to pull back its asset purchases sooner, a factor that has weighed on markets recently,” said Jeff Powell, managing partner at Polaris Wealth Advisory Group.

The S&P 500 and the Dow Jones were little changed after gaining in early trading, hinting they were set to snap a three-day losing streak.

Investor mood has been glum this week after a recent monthly jobs report showed a slowdown in U.S. hiring amid worries over a fading recovery. Uncertainties over the U.S. Federal Reserve’s stimulus tapering timeline has also been a drag on sentiment.

“Bull markets will continue to climb a wall of worry and while people are worried about inflation and COVID-19 and the Fed, the market seems to be nervously optimistic in their trades with earnings expectations being positive for the coming quarters,” Polaris’s Powell said.

At 12:26 p.m. ET, the Dow Jones Industrial Average was down 1.01 points, or 0.00%, at 35,030.06, the S&P 500 was down 1.05 points, or 0.02%, at 4,513.02, and the Nasdaq Composite was up 35.66 points, or 0.23%, at 15,322.30.

Video game retailer GameStop Corp fell 3.2% on the company’s silence on its turnaround plan in its first post-earnings conference call by new Chief Executive Matt Furlong.

Reports that Beijing slowed down approval for all new online video games sent shares of U.S.-listed gaming stocks Activision Blizzard Inc, Electronic Art Inc, and Take-Two Interactive Software Inc down between 1% and 2.7%.

Data center REIT Digital Realty slid 4% to be the top decliner among real estate stocks after the company announced a public offering of 6.25 million shares.

Advancing issues outnumbered decliners by a 1.44-to-1 ratio on the NYSE and by a 1.70-to-1 ratio on the Nasdaq.

The S&P index recorded 26 new 52-week highs and one new low, while the Nasdaq recorded 57 new highs and 27 new lows.

(Reporting by Shashank Nayar in Bengaluru; Editing by Anil D’Silva and Arun Koyyur)

Source Link Wall St holds ground as jobless claims fall to near 18-month low

David Barret
David Barret

Related posts:

  1. First trailer for Netflix’s Red Notice crams in massive star power and big action
  2. U.S. has no plans to release billions in Afghan assets, Treasury says
  3. Exclusive-Ericsson CEO to double down on China as 5G tussle rumbles on
  4. Cricket-Pope and Bairstow rebuild England innings after Yadav blows

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • What Is “Nobel Disease”, And Why Do So Many Prizewinners Go On To Develop It?
  • New Human “Mini-Brains” Combine Cells From The Whole Brain – Even The Blood Vessels
  • Aging NASA Spacecraft Could Intercept The Interstellar Comet On The Other Side Of The Sun, Astronomers Suggest
  • The Deepest Complex Ecosystem Ever Discovered Has Been Found 9,000 Meters Below The Sea
  • Drone Footage Shows Synchronized Moves By Killer Whale Pairs Are More Effective Than Hunting Alone
  • For The First Time, A Quantum Computer Has Been Sent Into Space
  • A Vast Ocean Of Water May Be Trapped In The Transition Zone Beneath Our Feet
  • Beneath Antarctica’s Sea Ice, Leopard Seals Sing Nursery Rhymes In Search Of Love
  • Double-Slit Experiment Performed With Single Atoms Shows Einstein Was Wrong
  • Forecasting Tomorrow: How Science Fiction Is Helping Scientists Explore Possible Futures
  • Siberian Mummy’s 2,000-Year-Old Tattoos Reveal The History Of Ancient Art
  • Humans Were Buzzing On Psychoactive Betel Nuts 4,000 Years Ago
  • Megaflash Stretching 892 Kilometers Sets New World Record For Longest Lightning Strike
  • Your Organs Don’t All Age At The Same Rate. One Is Growing Old Much Quicker Than Others
  • IFLScience The Big Questions: How Has The Internet Changed The Way We Use Language?
  • One Of The Most Dangerous Volcanoes Is Home To The World’s Largest Lava Lake
  • What Astrobiology Might Tell Us About What Aliens May Look Like
  • Voyager: An Inside Look At NASA’s Longest-Running Mission With Someone There From The Start
  • Meet Alba: The World’s Only Known Albino Orangutan Still Living In Borneo
  • Yikes! Baby African Social Spiders Filmed Eating Their Moms Start-To-Finish For The First Time
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version