Economy | News-Opinion
CLOSING BELL: October 3rd: DJIA: 13,494.61 | UP 12.25 | +0.09%
OIL: $88.14 DOWN 3.75, -4.08%
GOLD: $1,779.80, UP 4.20, +0.24%
GASOLINE (US Avg): $3.782, UP 0.002
Wall Street ekes out gain after U.S. data; oil slumps
Wanfeng Zhou, Reuters – U.S. stocks edged higher in volatile trade on Wednesday and the dollar strengthened, helped by better-than-expected news on the U.S. economy, while oil prices slumped more than $3 as signs of a slowdown in China stoked worries about demand for crude.
The gloomier outlook on China and a further slowdown in the euro zone’s economy weighed on the euro, which also was hit by uncertainty about when Spain will request the bailout seen as necessary to relieve the euro zone debt crisis.
The pace of growth in the vast U.S. services sector, which dominates the country’s economy, picked up in September, while private employers added more jobs last month than expected, according to separate industry reports on Wednesday.
The data came ahead of the first of three presidential debates Wednesday night in Denver and the government’s closely watched monthly payrolls report on Friday.
Earlier, surveys showed the euro zone’s economic woes worsened last month and China’s slowdown looked likely to extend to a seventh quarter, suggesting recent bold actions by global central banks have yet to convince consumers to start spending again.
Read the full story at Reuters [here]
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
