NEW YORK, Sept 9 — Wall Street stocks edged higher early today following better US employment data and as the European Central Bank slowed stimulus purchases in light of the eurozone economic recovery.
First-time jobless claims fell 35,000 to 310,000 last week, seasonally adjusted, the Labor Department said, hitting a new pandemic low for the second straight week and putting them closer to their level before Covid-19 broke out. Meanwhile, the ECB said it would slow the pace of its massive monthly bond purchases as it lifted its 2021 growth forecast following better-than-expected second-quarter growth.The broad-based S&P 500 advanced 0.2 per cent to 4,524.11, while the tech-rich Nasdaq Composite Index added 0.3 per cent at 15,329.41.
Markets have been choppy in recent sessions as investors weigh the fallout from the latest uptick in Covid-19 cases. Gregori Volokhine of Meeschaert Financial Services said stocks are in a waiting game ahead of the Federal Reserve’s meeting later in September, with Congress yet to take final action on President Joe Biden’s massive infrastructure plan.Major US carriers such as American Airlines and United Airlines were up around one per cent despite warning of lower third-quarter sales due to the latest Covid-19 wave. However, analysts said the downcast company statements had been expected.