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Home / Business / US STOCKS – & # 39; Goldilocks & # 39; Work Data Promotes Wall St to the Best Day Since August

US STOCKS – & # 39; Goldilocks & # 39; Work Data Promotes Wall St to the Best Day Since August



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* Apple rises on ramp up report in iPhone production

* Non-farm payroll increases by 136 000 in September

* HP Inc falls on $ 1 billion restructuring fee

* Indexes end: Dow + 1.42%, S&P 500 + 1.42%, Nasdaq + 1.40% (Updates to close) [19659006] By Noel Randewich

4. increased. (Reuters) – Wall Street rose sharply on Friday after moderate job growth in September offered relief from a plethora of bleak economic data this week that has ranked markets and raised concerns that the world's largest economy could slip into a recession.

A meeting of technology stocks led by Apple Inc also helped lift the benchmark indices at the end of a roller coaster week. After losing about 3% over Tuesday and Wednesday, the S&P 500 on Friday logged its biggest gain in a day since August 16, in part thanks to a surge in delays.

Still for a third week in a row Dow and the S&P 500 lost ground.

The Labor Department's report showed that non-farm wage levels rose by 136,000 last month and unemployment fell to a 50-year low, but production wages fell for the first time in six months.

"There is a kind in a Goldilocks report: it is not strong enough to move the Federal Reserve from cutting interest rates at the end of October, but it is not weak enough to worry you about the job market or the consumer," he said Shawn Snyder, Head of Investment Strategy at Citi Personal Wealth Management in New York.

Stakes that the Fed will cut interest rates have risen sharply this week following a dramatic decline in US industry, private sector cooling down, and a decline in service sector activity that pointed to widening the fallout from the US-China trade war.

Businessmen see 77.5% chance that the central bank will lower borrowing costs at its political meeting later this month, up from 40% on Monday. The Fed cut interest rates in September for the second time this year, saying that future reductions would be "computer-dependent."

With fears related to the trade war and its impact on the US economy weighing on sentiment, the S&P 500 is up 2% over the past 12 months, and about 2% of its record peak in July.

"Even though market participants have sold stocks and bought bonds, at the end of the day you say, 'Hi, I still have some return on my investment, and it comes from stocks,'" said Tom Martin, senior portfolio manager at GLOBALT Investments.

Apple Inc shares rose 2.8% following a report that the company would increase iPhone 11 production.

The S&P Information Technology Index climbed 1.7%, while the Philadelphia chip index advanced 1, 9%.

All 11 major sector indices rose, led by a 1.9% jump in the S&P economy.

The Dow Jones Industrial Average jumped 1.42% to close at 26,573.72 points, while S&P The 500 also rose 1.42% and ended at 2,952.01.

The Nasdaq Composite finally added 1.4% to 7,982.47.

The volume of US stock exchanges was light to 5.9 billion shares, compared to 7.3 billion average for the entire session over the last 20 trading days.

For the week, the S&P 500 fell 0.3%, Dow pte 0.9% and Nasdaq added 0.5%.

During Friday's season, HP Inc tumbled 9.6% after the computer manufacturer said it would cut up to 16% of its workforce as part of a restructuring plan that would result in a total $ 1 billion fee.

Progress expenditures outperformed NYSE declines by a 3.12-to-1 ratio; on the Nasdaq, a 2.26-to-1 ratio favored forwarders.

The S&P 500 posted 18 new 52-week highlights and 1 new lowest; Nasdaq Composite registered 17 new highs and 70 new lows. (Additional reporting by Medha Singh in Bengaluru and Sinead Carew in New York Editing by Nick Zieminski and Bill Berkrot)


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