Nasdaq rises for fifth-straigh

2022-07-09

Nasdaq rises for fifth-straight day after strong jobs report as Wall Street notches winning week. The Nasdaq Composite rose in choppy trading on Friday as investors reacted to a stronger-than-expected jobs report that will likely keep the Federal Reserve on track for its aggressive rate hikes.

The Nasdaq gained 0.12%. The Nasdaq has risen in five straight days for the first time this year.

Nonfarm payrolls increased 372,000 in the month of June, better than the 250,000 Dow Jones estimate and continuing what has been a strong year for job growth, according to data Friday from the Bureau of Labor Statistics.

All three major averages finished up for the week. The jobs report and a recent decline in commodities prices have made a have made a so-called “soft landing” for the U.S. economy a bit more likely, boosting stocks, said Yung-Yu Ma, chief investment strategist at BMO Wealth Management.

Jobs Blowout Means More Pressure for Fed

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Comments

yuannn
2022-07-09
yuannn
yay wait for it to drop
K734
2022-07-09
K734
Thanks for sharing
RichyRick
2022-07-10
RichyRick
yeah
Todkie
2022-07-09
Todkie
K
Meowlisa
2022-07-09
Meowlisa
Ok
YJZ
2022-07-09
YJZ
K

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141

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The Nasdaq Composite rose in choppy trading on Friday as investors reacted to a stronger-than-expected jobs report that will likely keep the Federal Reserve on track for its aggressive rate hikes.</p><p>The Nasdaq gained 0.12%.&nbsp;The Nasdaq has risen in five straight days for the first time this year.&nbsp;</p><p>Nonfarm payrolls increased 372,000 in the month of June, better than the 250,000 Dow Jones estimate and continuing what has been a strong year for job growth, according to data Friday from the Bureau of Labor Statistics.</p><p>All three major averages finished up for the week. The jobs report and a recent decline in commodities prices have made a have made a so-called “soft landing” for the U.S. economy a bit more likely, boosting stocks, said Yung-Yu Ma, chief investment strategist at BMO Wealth Management.</p></body></html>","text":"Nasdaq rises for fifth-straight day after strong jobs report as Wall Street notches winning week. 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at the July meeting, Atlanta Fed president Raphael Bostic said on CNBC. &#34;This report just reaffirms that the economy is strong and that there is still a lot of momentum in the labor market and that is a good thing.&#34;</p><p>Bostic said he was taking a &#34;wait and see&#34; attitude about further rate hikes as he parses signs that the economy may be slowing overall against upcoming inflation and jobs reports - a debate that will frame what the Fed does beyond its July meeting.</p><p>Several Fed officials have now endorsed a three-quarter point increase at the July session, but have left open using further large hikes if inflation does not clearly turn lower.</p><p>For that to happen central bank officials feel the labor market will also have to cool, and so far it has shown little evidence of doing so. Job openings data for May showed there are still nearly 2 openings for each unemployed person.</p><p>Traders bet on bigger Fed rate hikes after the report, with interest-rate futures contracts now even reflecting a small chance the Fed raises rates by a full percentage point in July. Rate futures contracts now reflect a base case view the Fed&#39;s policy rate will be in the 3.5%-3.75% range by year end, higher than Fed policymakers themselves predicted just three weeks ago.</p><p>&#34;This calls into question...the narratiave that recession is imminent,&#34; said Nela Richardson, chief economist for payrll processor ADP. &#34;This is a bonus for the Fed. They can be aggressive.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2249066752","content_text":"(Reuters) - Another blowout jobs number and continued wage growth will likely stiffen resolve at the Federal Reserve for another three-quarter point rate increase at the central bank's July meeting, as the welcome news of a still strong job market clashes with concern that it will have to cool ease inflation.U.S. firms added 372,000 jobs in June, a far larger number than expected that pushed private employment back above its pre-pandemic level and kept the unemployment rate at an ultra-low 3.6%.Wages continuted to rise at a 5.1% annual rate, only slightly lower than the prior month.While that is likely to cool speculation of an impending recession, it could fuel uncertainty about whether the Fed will need to become more aggressive in its use of higher interest rates to cool the economy and bring consumer inflation down from the current 40-year high of more than 8%.\"I am fully supportive of moving 75 basis points,\" at the July meeting, Atlanta Fed president Raphael Bostic said on CNBC. \"This report just reaffirms that the economy is strong and that there is still a lot of momentum in the labor market and that is a good thing.\"Bostic said he was taking a \"wait and see\" attitude about further rate hikes as he parses signs that the economy may be slowing overall against upcoming inflation and jobs reports - a debate that will frame what the Fed does beyond its July meeting.Several Fed officials have now endorsed a three-quarter point increase at the July session, but have left open using further large hikes if inflation does not clearly turn lower.For that to happen central bank officials feel the labor market will also have to cool, and so far it has shown little evidence of doing so. 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