WALL Street stocks advanced on Monday, extending a rally on hopes for possible Federal Reserve interest rate cuts soon after weaker US jobs data.
US stocks were in positive territory the whole session as analysts pointed to Friday’s jobs report showing weaker than expected employment growth.
A note from Charles Schwab characterized the report as “perfect” in terms of being in “not too hot and not too cold territory,” while adding that “it’s just one set of numbers and there’s a risk that the market may overreact.”
The Dow Jones Industrial Average finished at 38,852.27 up 0.5 per cent.
The broad-based S&P 500 rose 1.0 per cent to 5,180.74, while the tech-rich Nasdaq Composite Index climbed 1.2 per cent to 16,349.25.
Major indices have risen the last three days.
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Among individual companies, Paramount Global gained 3.1 per cent following a New York Times report that it entered into talks with a bidding group led by Sony Pictures and Apollo after negotiations between Paramount and Skydance didn’t produce a deal.
Tyson Foods slid 5.7 per cent as it reported slightly lower revenues and projected flat sales in the upcoming quarter. Executives said inflation was pinching low-income consumers.
Spirit Airlines sank 10 per cent after reporting a US$142.6 million quarterly loss. The carrier pointed to a “challenging” competitive environment due to “elevated capacity” in key markets. AFP
