Home Business The Dow closed up 131.29 points, receiving bright labor data.

The Dow closed up 131.29 points, receiving bright labor data.

by news dir

The New York Dow Jones Industrial Average closed up 131.29 points on bright labor data, energy stocks soaring.

Today (Sept. 3), the Dow Jones Industrial Average closed higher last night (Sept. 2), while the S&P500 and Nasdaq closed in New York, boosted by lower US unemployment claims. fell to the lowest level in 17 months, including the recovery of energy stocks While investors watch for the release of non-farm payroll numbers for the month of August of the United States today.

The Dow Jones Industrial Average closed at 35,443.82, up 131.29, or +0.37%. The S&P 500 closed at 4,536.95, up 12.86, or +0.28%. The Nasdaq closed at 15,331.18, up 21.80, or +0.14%.

The New York Stock Exchange rose after the Labor Department said initial jobless claims fell to 340,000 last week. That was a 17-month low from 354,000 a week earlier.

E-Trade analyst Mike Lowengard said the decline in the number of claims for unemployment benefits in the United States has given investors a better view of the outlook for the economy and the labor market. Although such data may encourage the Federal Reserve (Fed) to reduce the amount of the quantitative easing (QE) bond-buying programme. This will give more clear signals about the Fed’s labor market outlook and monetary policy direction.

Eight of the 11 stocks calculated in the S&P500 rose, led by energy stocks up 2.53 percent after WTI crude rebounded near $70 a barrel overnight, with Cabot Oil & Gas rising 6.7 percent. Occidential Petroleum was up 6.02%, Exxon Mobil was up 2.44%, Chevron was up 2.09 per cent.

Blockchain business stocks have recovered. After the bitcoin price hit the $50,000 mark last night. Despite news that the US Securities and Exchange Commission (SEC) called for tighter controls on cryptocurrency trading, Grayscale Bitcoin Trust shares were up 2.17 percent, Coinbase was up 0.86%, and Silvergate Capital was up 3.23. % Marathon Digital shares jumped 2.48 percent.

Moderna shares jump 1.98% after Moderna announced a partnership with Takeda. Pharmaceutical which is the distributor of the Moderna vaccine in Japan. It is recalling three batches of vaccines found to have been contaminated with stainless steel in some vials. Stainless steel poses no medical risk, adding that there was no evidence that the two Japanese deaths were caused by the Moderna vaccine.

Technology stocks fell on profit taking. Alphabet was down 1.33 percent, Facebook was down 1.77 percent, Amazon was down 0.46%, Microsoft was down 0.23 percent.

For the US economic data released last night. The US Commerce Department said U.S. factory orders rose 0.4% in July, higher than analysts’ expectations for a 0.3% gain. The US trade deficit fell 4.3 percent to $70.1 billion in July. Imports fell 0.2% to $2828 billion. while exports rose 1.3 percent to $2128 billion. which is the highest level since May 2019

Investors are eyeing the release of US non-farm payrolls today. While some analysts expected the number of non-farm payrolls to increase by 750,000 in August. and the unemployment rate will drop to 5.2%.

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