NEW YORK — Wall Street pulled back from its record heights following a shaky day of trading, putting at least a temporary halt to its huge rally since Halloween. The S&P 500 slipped 0.7% Friday from its all-time high. It initially climbed after mixed data on the U.S. job market bolstered hopes for easier interest rates. Later, it swung to a loss after one of its most influential stocks, Nvidia, took a rare stumble following its jaw-dropping rise. The Dow Jones Industrial Average slipped 0.
Treasury yields eased in the bond market immediately after the release of a jobs report that economists called “all over the place.” It showed employers hired more workers last month than economists expected, but wages for workers rose by less than forecast. It also said job growth in January was not nearly as hot as earlier thought.
“Big picture: these were helpful numbers for the Fed to gain confidence,” said Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management. Wall Street loves lower interest rates because they encourage people and companies to borrow, which can strengthen the economy, and because they boost prices for stocks and other investments.
In the meantime, the hope on Wall Street is that the remarkably resilient economy will drive growth in profits for companies.
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