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Stocks Rise Slightly After Jobs Data

FRIDAY – U.S. stock index futures rose on Friday, erasing an earlier decline after the release of the latest U.S. jobs report.

The U.S. economy added 136,000 jobs in September, the Bureau of Labor Statistics said Friday. Economists polled by Dow Jones expected an increase of 145,000 jobs. The unemployment rate fell to 3.5%, a 50-year low, but wages grew at a slower-than-expected pace last month.

Treasury yields briefly jumped before giving back those gains. The 10-year yield last traded at 1.53% after hitting 1.55%.

Wall Street will be watching speeches by Fed officials later in the day, including Boston Fed President Eric Rosengren.

Stocks came into Friday’s session on pace to record large losses for the week. The Dow was down 2.3% through Thursday’s close while the S&P 500 had lost 1.7%. The Nasdaq was down 0.9% week to date.

Those weekly losses came after a dismal U.S. manufacturing data report sparked fears of a potential recession in the U.S. Between Tuesday and Wednesday, the Dow lost more than 800 points.

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Stocks Inch Higher To End Week

                                                                                                                                      FRIDAY – U.S. stock index futures indicated a higher open on Friday with Washington and Beijing set to resume key trade talks mid-October.

Any positive moves on Friday, however, would offset modest weekly losses for the major stock indexes. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite were all on track to finish the week lower before the bell Friday morning after snapping a three-week winning streak last week.

The optimism among traders Friday morning came with trade talks between the U.S. and China set to resume Oct. 10-11 in Washington, D.C., three people familiar with the discussions said. News of a scheduled meeting adds to the growing belief on Wall Street that the trade war between the two economic superpowers has eased in recent weeks.

U.S. consumer spending slowed more than expected in August, according to a government report released Friday. Personal consumption expenditures, also known as household spending, edged up an adjusted 0.1% in August from July, when spending rose 0.5%.

The print represents consumer spending’s softest read since February and could suggest to policymakers that a critical driver of U.S. GDP growth could be set for deceleration. Consumer spending accounts for more than 66% of total economic output in the United States.

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