Dow, S&P higher, tech-heavy Nasdaq trading hours before bell opens
US Equity Futures Major stock indices were trading lower on the last trading day of the week, a day after rising as lawmakers struck a deal on a short-term debt-limit extension.
Wall Street’s benchmark S&P 500 index rose 0.8% to 4,399.76 on Thursday for its third straight daily gain after US lawmakers agreed to expand Washington’s borrowing capacity in December. The lack of agreement could delay the recovery from the coronavirus pandemic, experts say.
Despite this, Venkateswaran Lavanya of Mizuho Bank said in a report, “Concerns about US funding to his government have not gone away.”
Democrats limit Biden’s plan to let the IRS know more about bank accounts
The Dow Jones Industrial Average rose 1% to 34,754.94. The Nasdaq closed 152.10 points higher at 14,654.02.
Earlier, the S&P 500 was swinging between gains and losses of more than 1% for four days on concerns about a debt battle in Washington.
The Labor Department said on Thursday that the number of people applying for unemployment has declined in the past week.
Earlier, Fed officials, responding to the increase in inflation, said they wanted to ensure a recovery was established before withdrawing the stimulus. Strong employment could add to the pressure for a faster rise in prices, causing investors to worry that the Fed and other central banks may reduce incentives that boost stock prices.
Meanwhile, Asian stocks were mixed as investors waited Friday for US jobs data, which could influence the Federal Reserve’s decision when to roll back stimulus after legislators in Washington halted a possible government debt default. .
Market benchmarks advanced in Shanghai, Tokyo and Sydney. Hong Kong and Seoul withdrew.
Investors waited to see if US hiring in September was strong enough for Fed officials, who are discussing bond purchases and other incentives that are driving up stock prices but want a healthy job market. Huh.
Supply crisis prompts Walmart and rivals to rent their own ships
Friday’s Labor Department data “will decide in the market’s mind whether the start of the Fed tapers into a deal for December,” Oanda’s Jeffrey Haley said in a report.
The Shanghai Composite Index rose 0.3% to 3,578.35 as Chinese markets reopened after a five-day holiday. The Nikkei 225 in Tokyo jumped 1.6% to 28,134.86, while the Hang Seng in Hong Kong fell 0.1% to 24,667.13.
In Seoul, the Kospi closed 0.2% lower at 2,955.55, while Sydney’s ASX-S&P 200 rose 0.7% to 7,307.80. India’s Sensex opened 0.8% higher at 60,157.35. New Zealand declined while Southeast Asian markets rose.
In energy markets, benchmark US crude rose $1.09 to $79.39 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 87 cents to $78.30 on Thursday. International oil price base Brent crude rose 99 cents to $82.94 a barrel in London. It added 87 cents to $81.95 in the previous session.
The dollar rose to 111.89 yen from Thursday’s 111.63 yen. The euro rose from $1.1550 to $1.1554.