Wall Street on 3-Day Winning Streak Ahead of US Jobs Report for September
NEW YORK (Sputnik) - Stocks on Wall Street rounded out a third straight day of gains ahead of Friday’s scheduled release of the US jobs report for September, which analysts expect to be better than the previous month's yet not too strong to push the Federal Reserve towards deciding on a rate hike.
Also boosting sentiment was the deal reached between Democrat and Republican lawmakers, who managed to agree on raising the US debt ceiling by $480 billion to avert a government shutdown and debt default at least until December.
"Jobless claims show the labor market is heading in the right direction again… as investors remain upbeat that the US won’t default on its debt," said Ed Moya, analyst at online trading platform OANDA. "The outlook for 2022 remains optimistic given markets are still expecting Democrats to ultimately deliver infrastructure spending and President Biden’s economic plan by December.
Wall Street’s Big Tech sector, represented by the Nasdaq Composite Index, again led gains for the day, while the blue-chip S&P 500 and the broad-based Dow Jones Industrial Average indexes came in second and third, respectively.
Nasdaq, comprising growth stocks such as Facebook, Amazon, Apple, Netflix and Google, closed up 152 points, or 1.1%, at 14,654. The tech barometer has gained 2.8% over the past three sessions.
The S&P 500, which groups the top 500 stocks on the New York Stock Exchange, settled up 36 points, or 0.8%, at 4,400. The blue-chip indicator has accumulated 2.3% in gains since Monday’s close.
The Dow finished Thursday’s session up 340 points, or 0.1%, at 34,757. The broad-based industrial indicator has risen 2.2% over the past three days.
For Friday’s September jobs report, analysts expect the Labor Department to report a gain of 500,000 positions versus 235,000 in August. If the rise is more than 600,000, it could prompt the Federal Reserve to expedite the rollback of its long-running stimulus and super-low interest rates programs.