The US economy generated about 272,000 jobs in May, far more than the 185,000 analysts had forecast, according to a Labour Department report. — Reuters picNEW YORK, June 8 — Wall Street stocks ended slightly lower yesterday in choppy trading after stronger-than-expected US jobs data pointed to a robust economy but prompted worries the Federal Reserve may wait longer to cut interest rates than many investors had hoped.
It finished slightly lower, with the utilities, materials, and communication services stocks among the biggest drag. Financials and technology advanced ahead of others.For the week, the S&P 500 gained 1.32 per cent, Nasdaq rose 2.38 per cent, and the Dow added 0.29 per cent. “No one expects the Fed to cut , but will they open the door for a cut as soon as September is the big question on everyone’s mind,” said Ryan Detrick, chief market strategist at the Carson Group, adding he still sees a September reduction on the table.
Other so-called meme stocks, including AMC Entertainment and Koss Corp, fell 15.1 per cent and 17.4 per cent, respectively.
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