NEW YORK, June 4 — Wall Street stocks rose early today following a mixed US jobs report that was seen as unlikely to spur an abrupt shift in Federal Reserve monetary policy.
The United States added 559,000 jobs last month, below expectations, but the unemployment fell, while the average hourly wage rose more than expected, according to the Labor Department data. Analysts said the report dimmed concerns the economy is on the cusp of overheating, which could spur a sudden lurch in Fed policy.
“The key takeaway from the report is that it shows there is still ample room for improvement, which is apt to register in the Fed’s mind as a basis for sticking with its patient-minded policy approach,” said Briefing.com analyst Patrick O’Hare.The broad-based S&P 500 gained 0.6 per cent to 4,216.72, while the tech-rich Nasdaq Composite Index jumped 0.9 per cent to 13,730.66.
Among individual companies, AMC Entertainment was down about one per cent a day after completing a large stock offering that raised US$587.4 billion. AMC ended Thursday’s session off 17.9 per cent after nearly doubling the prior day among a buying spree by retail investors. — AFP
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