- Title: Wall St barely gains after mixed U.S. jobs data
- Date: 6th September 2019
- Summary: NEW YORK, NEW YORK, UNITED STATES (SEPTEMBER 6, 2019) (REUTERS) (SOUNDBITE) (English) WASHINGTON CROSSING ADVISORS SENIOR PORTFOLIO MANAGER, CHAD MORGANLANDER, SAYING: "So the thematic for today's trading action is actually the focus on not only China's monetary stimulus but overall what Jerome Powell said in his speech this afternoon. And it looks as if he's going to be carefully watching trade, the trade concerns and the trade winds and how that's affecting the U.S. economy as well as the global economy. Unfortunately, the Federal Reserve is actually in a little bit of a tight...has to walk a tightrope here because if they are too focused on reducing rates and becoming stimulative, they could actually blow a financial bubble. It's not going to have a meaningful impact on the U.S. economy whatever actions they take. So for example the Europeans are at negative interest rates. There has been over the last five years in Europe very little credit growth even with negative interest rates." WHITE FLASH (SOUNDBITE) (English) WASHINGTON CROSSING ADVISORS SENIOR PORTFOLIO MANAGER, CHAD MORGANLANDER, SAYING: "It was an okayish Goldilocks number. The Federal Reserve now needs to take a step back and try to weigh if they're in the danger zone or if there's going to be global trading external risks that may prompt them to be much more aggressive in the next meeting or two."
- Embargoed: 20th September 2019 22:03
- Keywords: S&P 500 Dow Federal Reserve Fed China Wall Street U.S. stocks
- Location: NEW YORK, NEW YORK, UNITED STATES
- City: NEW YORK, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA002AVIUE19
- Aspect Ratio: 16:9
- Story Text: The S&P 500 and Dow industrials closed slightly higher on Friday (September 6) as investors digested a mixed U.S. jobs report and bet on a Federal Reserve interest rate cut this month, while China's stimulus plan helped ease some concerns around global growth.
U.S. job growth slowed more than expected in August, with retail hiring declining for a seventh straight month, but this was countered by strong wage gains which are expected to support consumer spending and keep the economy expanding moderately amid rising threats from trade tensions.
Also on Friday, speaking at the University of Zurich, Fed Chair Jerome Powell said the labor market was strong and the central bank will continue to "act as appropriate" to sustain economic expansion. He also said the United States and the world economy are not likely to fall into recession.
The Dow Jones Industrial Average rose 69.45 points, or 0.26%, at 26,797.6, the S&P 500 gained 2.72 points, or 0.09%, to 2,978.72 and the Nasdaq Composite dropped 13.75 points, or 0.17%, at 8,103.07.
(Production: Fred Katayama / Roselle Chen)
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