NEW YORK, New York – Wall Street traded lower for a fifth day in a row Thursday, before the Dow and S&P 500 managed to claw their way back into the black. A strong labor report revealing positive new hirings underpinned the belief the Federal Reserve will continue hiking interest rates.
“The data coming out still keeps reaffirming how strong the labor market is… even if you get 200,000-250,000 job numbers tomorrow, that is still a labor market that is too strong to control inflation and just indicates the Fed has work to do,” Ronald Temple, head of U.S. equity at Lazard Asset Management told Reuters Thursday.
“I do see more downside, and testing the June lows would make sense. From a Fed’s perspective, they’d prefer to have a Wall Street recession than a Main Street recession,” Temple added.0.08 percent.
The Dow Jones industrials, after reversing course, managed a 145.99 points or 0.46 percent gain to 31,656.42.
The Standard and Poor’s 500 added 11.85 points or 0.30 percent to 3,966.85.
The Nasdaq Composite rebounded from significant lows to be down just 31.08 points or 0.26 percent at 11,785.13.
On foreign exchange markets, there was no stopping the U.S. dollar The DXY dollar index toppled the 1.10 level before falling back. The euro, after hitting a low of 0.9910, recovered slightly to finish the New York session around 0.9944.
The British pound tumbled to 1.1539. The Japanese yen buckled to 140.17. The Swiss franc slid to 0.9820.
The Canadian dollar slipped to 1.3163. The Australian dollar fell sharply to 0.6781. The New Zealand dollar dived to 0.6072.
On overseas equity markets, most indices finished well into the red. In London, the FTSE 100 tumbled 1.86 percent. The German Dax sank 1.60 percent. The Paris-based CAC 40 was off 1.48 percent.
Japan’s Nikkei 225 slid 1.53 percent. In Hong Kong, the Hang Seng lost 1.71 percent. China’s Shanghai Composite fell 0.54 percent.
The Australian All Ordinaries plummeted 2.02 percent. South Korea’s Kospi Composite shed 2.28 percent. In New Zealand, the S&P/NZX 50 went against the trend, rising 0.08 percent.
Source: Big News Network