Stocks fluctuate, yields gain after U.S. jobs miss
BNN Bloomberg
U.S. stocks fluctuated and Treasury yields gained as weak jobs data upended bets on the Federal Reserve’s policy plans.
U.S. stocks fluctuated and Treasury yields gained as weak jobs data upended bets on the Federal Reserve’s policy plans.
The S&P 500 was little changed in turbulent trading after data showed employers added far fewer jobs than anticipated last month. While the report is unlikely to deter the Fed from announcing cutbacks to its bond buying next month, it may remove pressure for the central bank to raise interest rates any time soon.
“We don’t think this derails the Fed from tapering, and with labor markets still somewhat slack, tightening is still a long way away,” said Jay Barry, JPMorgan head of USD government bond strategy.
The Nasdaq 100 fell. The 10-year Treasury yield rose to 1.6 per cent. Gold pared back a 1 per cent advance. And crude oil topped US$80 a barrel in New York for the first time since 2014.
Stocks struggled for a direction as the S&P 500 was headed to finish the week higher. The session was marked by high volatility as traders rushed in to buy with stocks off recent highs.
