The market had gained for two days after a weak U.S.jobs report of Friday lowered the chances of the Federal Reserve raising interest rates this year, meaning the era of near-zero interest rates would continue. He added that the central bank is “beginning to falter” in communicating to investors what its plans are. But the dip on Friday afternoon, lowered the possibility.
Advertisement
“When management starts talking about what they’re doing on addressing the China issue, the stronger dollar, as well share buybacks or dividend increases, that is what’s going to dictate market action and people’s focus”, said Kevin Kelly, CIO of Recon Capital Partners.
At 11:29 a.m. ET, the Dow Jones industrial average was up 39.55 points, or 0.23 percent, at 17,090.3.
The energy sector .SPNY was down 0.75 percent as crude oil prices seesawed, with traders closing positions after a recent rally.
The broad-based S&P 500 added 1.51 (0.07 percent) at 2,014.94, while the tech-rich Nasdaq Composite Index slipped 0.95 (0.02 percent) to 4,809.84.
Globally, JPMorgan’s manufacturing activity index has dropped to its lowest level since July 2013 – an indicator that, according to Yardeni, has a close correlation with S&P 500 revenues.
Japan’s Nikkei stock index ended up 1.6 percent, and 4 percent higher for the week. Exxon and Chevron fell about 0.5 percent and were among the top three drags on the Dow.
Energy stocks were among the biggest gainers on Thursday, following oil higher.
On a weekly basis, the SPX and COMP rose a respective 3.3% and 2.6%.
Advancing issues outnumbered decliners on the NYSE by 1,825 to 1,046.
Alcoa’s shares were down 4.3 percent at $10.54 premarket after the metals company’s results missed estimates, and the company forecast an aluminum market deficit in 2016.
Advertisement
The S&P 500 has risen seven out of the last eight sessions and is now above 2,000, a psychological milestone, for the first time since mid-August.
