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The S&P 500 Ends Higher Thanks To Strong Jobs Data



The S&P 500 Ends Higher Thanks To Strong Jobs Data

(CTN News) – After a spike in unemployment, the S&P 500 ended higher on Friday, while shares of streaming firms fell as a result of a rate dispute between Disney and Charter Communications.

According to the Labor Department’s report, the unemployment rate rose from 3.8% to 3.8% in August, while wage growth slowed down.

It was reported yesterday that nonfarm payrolls rose S&P 500 more than expected, though the data for July was revised downward to 157,000 new jobs.

As a result of those results, it was confirmed that the Federal Reserve is winning its battle against inflation, and it cemented expectations that the Federal Reserve is nearing the end of its cycle of raising interest rates.

According to the data, it is quite likely that the Fed will become more dovish as we head into the fall season. According to S&P 500 Keith Buchanan, a portfolio manager at GLOBALT Investments in Atlanta, “If the end of tightening comes sooner than later, that could lead to a substantial rally in stocks,” he said.

CME’s FedWatch tool indicates that traders believe there is a 93% chance that the Federal Reserve will keep the interest rate unchanged at its meeting later this month, based on futures prices for interest rates.

The stocks of Walt Disney Company and Charter Communications fell after both companies traded salvos over an unresolved issue with their distribution agreement after several channels, including ESPN, went dark for customers using Spectrum cable service from Charter on Thursday as a result of the unresolved issue.

There were also other streaming companies that suffered losses, including Warner Bros Discovery, Paramount Global, and Fox Corp.

There was a drop in Tesla stock after the electric vehicle maker cut prices for its Model S and Model X vehicles in the US. Unofficially, the S&P 500 gained 0.18% and ended the session at 4,515.74 points.

There was a decline of 0.02% in the S&P 500 Nasdaq to 14,031.82 points, while the Dow Jones Industrial Average rose by 0.34% to 34,838.47 points.

There will be no trading on the US stock market on Monday as it is Labor Day holiday in the US.

The stock of Broadcom fell after the chipmaker forecast revenue for its current quarter that fell short of expectations, while the share price of Dell Technologies surged after the personal computer maker raised its forecasts for revenue and profits for the year ahead.

As the yogawear maker raises its annual profit forecasts and revenue expectations for the second time in a row, Lululemon Athletica gained.

As a result of the announcement that S&P 500 CEO Rosalind Brewer had stepped down, Walgreens Boots Alliance’s stock fell.


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