Economy | News-Opinion
CLOSING BELL: October 4th: DJIA: 13,575.36 | UP 80.75 | +0.60%
OIL: $91.71 UP 3.57, +4.05%
GOLD: $1,796.50, UP 16.70, +0.94%
GASOLINE (US Avg): $3.784, UP 0.002
S&P 500 on verge of 5-year high day ahead of jobs data
Angela Moon, Reuters – The S&P 500 extended gains to a fourth day on Thursday, putting it on the cusp of a new five-year high if Friday’s jobs report shows encouraging signs for the labor market.
The rally was broad, with all 10 S&P 500 sectors up and financials in the lead. The S&P’s financial index .GSPF gained 1.5 percent.
In the tech arena, Google Inc (GOOG.O) shares hit a new 52-week high of $769.89 earlier in the session. The stock ended up 0.7 percent at $768.05.
The number of Americans filing new claims for unemployment benefits rose only slightly last week after a big drop the week before, the Labor Department reported on Thursday, leading to hopes that Friday’s closely watched non-farm payrolls report would show improvement.
“We would expect that the market is going to break significantly in one direction or another on payrolls,” said Peter Cecchini, managing director at Cantor Fitzgerald, in New York.
“At the same time, even if the market collapses, event volatility will drain out somewhat. That’s not to say volatility overall will fall, but an increase in volatility will be offset by a subtle drop in event volatility.”
The CBOE Volatility index .VIX, Wall Street’s fear gauge, fell 5.7 percent to 14.55.
The Dow Jones industrial average .DJI gained 80.75 points, or 0.6 percent, to 13,575.36 at the close. The S&P 500 .SPX rose 10.41 points, or 0.72 percent, to 1,461.40. The Nasdaq Composite .IXIC added 14.23 points, or 0.45 percent, to end at 3,149.46.
Read the full story at Reuters [here]
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
