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Stocks wobbled Friday, ending their longest consecutive weekly run in the green since 2004 as new economic data intensified the debate about when the Federal Reserve will cut interest rates.
Investors digested more strong labor market data that will play into expectations for the Fed's interest-rate cuts. But after some positive momentum earlier in the day, negative sentiment set in. The weak finish put an end to what had been a 9-week winning streak, with the Dow and S&P 500 posting their worst start to a year since 2016.
The Dow Jones Industrial Average (^DJI) crawled above the flatline. The benchmark S&P 500 (^GSPC) climbed nearly 0.2% while the tech-heavy Nasdaq Composite (^IXIC) ticked up about 0.1%.
The major indexes traveled both ways throughout the day after the release of the December US jobs report, which showed the US economy added 216,000 jobs in December, higher than the 175,000 expected by economists. The unemployment rate was unchanged at 3.7%.
Separate data from Institute for Supply Management (ISM) showed services activity slowed in December. Its services PMI for the month came in at 50.6, down from November’s reading of 52.7. While a reading above 50 indicates expansion, the December figure marked the lowest level for services activity since May.
Stocks have slumped in the first week of 2024 in a marked reversal of a roaring rally powered by high hopes the Federal Reserve will soon start easing monetary policy. But doubts have set in about whether policymakers are prepared to pivot.
For more on this article, please visit:
https://finance.yahoo.com/news/stock-market-news-today-stocks-snap-9-week-win-streak-as-dow-sp-500-have-worst-start-since-2016-134002983.html
To get the latest market news check out finance.yahoo.com
Stocks wobbled Friday, ending their longest consecutive weekly run in the green since 2004 as new economic data intensified the debate about when the Federal Reserve will cut interest rates.
Investors digested more strong labor market data that will play into expectations for the Fed's interest-rate cuts. But after some positive momentum earlier in the day, negative sentiment set in. The weak finish put an end to what had been a 9-week winning streak, with the Dow and S&P 500 posting their worst start to a year since 2016.
The Dow Jones Industrial Average (^DJI) crawled above the flatline. The benchmark S&P 500 (^GSPC) climbed nearly 0.2% while the tech-heavy Nasdaq Composite (^IXIC) ticked up about 0.1%.
The major indexes traveled both ways throughout the day after the release of the December US jobs report, which showed the US economy added 216,000 jobs in December, higher than the 175,000 expected by economists. The unemployment rate was unchanged at 3.7%.
Separate data from Institute for Supply Management (ISM) showed services activity slowed in December. Its services PMI for the month came in at 50.6, down from November’s reading of 52.7. While a reading above 50 indicates expansion, the December figure marked the lowest level for services activity since May.
Stocks have slumped in the first week of 2024 in a marked reversal of a roaring rally powered by high hopes the Federal Reserve will soon start easing monetary policy. But doubts have set in about whether policymakers are prepared to pivot.
For more on this article, please visit:
https://finance.yahoo.com/news/stock-market-news-today-stocks-snap-9-week-win-streak-as-dow-sp-500-have-worst-start-since-2016-134002983.html