US STOCKS-Jobs report lifts Wall Street; S&P 500 still tracks worst week in six
The Labor Department's report showed nonfarm payrolls increased by 136,000 last month and unemployment rate dropped to near a 50-year low, but manufacturing payrolls declined for the first time in six months. "It's sort of a Goldilocks report: it's not strong enough to move the Federal Reserve away from cutting rates at the end of October, but it's not weak enough to make you concerned about the labor market or the consumer," said Shawn Snyder, head of investment strategy at Citi Personal Wealth Management in New York. Bets of another interest rate cut by the Federal Reserve have soared this week as U.S. factory activity contracted, private sector hiring cooled and service sector activity fell.
Published:10/4/2019 9:53:49 AM