Wall Street stocks end mostly higher after latest US jobs data – Times of India

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Wall Street stocks end mostly higher after latest US jobs data – Times of India

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NEW YORK: Wall Street stocks mostly rose on Monday following a mixed session on Asian bourses as markets digested solid US jobs data ahead of key inflation updates later in the week.
Monday’s session was the first since the US Labor Department released March employment figures, which showed the economy added 236,000 jobs last month.
This was slightly less than expected, and came as the unemployment rate inched down to 3.5 percent.
Analysts considered the jobs report solid, meaning it could translate into further Federal Reserve interest rate hikes, depending on additional upcoming data.
After sustaining early losses, US equities climbed back as the session progressed. Wall Street had been closed for a holiday on Friday when the data was first released.
Both the Dow and S&P 500 finished positive, while the Nasdaq ended just slightly down.
European bourses and Hong Kong remained on vacation Monday, dampening the trading volume in the United States.
“It’s a bit of a wait-and-see trade here,” said Briefing.com analyst Patrick O’Hare, who described the market as broadly cautious ahead of this week’s heavy calendar.
This schedule includes crucial consumer price and producer price reports — which will provide the latest snapshots of inflation — as well as data on March retail sales.
First-quarter corporate earnings season begins in earnest as well, with reports due from several of the largest banks including JPMorgan Chase and Citigroup.
O’Hare characterized investors as “a bit anxious” ahead of what is expected to be a lackluster earnings season in light of “premium” equity valuations.
In Asia, Tokyo, Seoul, Mumbai, Bangkok and Taipei rose but Shanghai, Singapore and Jakarta turned negative.
A note from Oxford Economics was among those that predicted the US Fed would stick to a plan to lift interest rates again when it next meets.
It said the latest employment data showed “job creation remains robust and wage growth is above the rate that’s in line with the central bank’s two percent (core) inflation target.”
That outlook helped push the dollar higher against other major currencies, while oil prices retreated.



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