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NEW YORK (dpa-AFX) – The eagerly anticipated job data from the United States did not provide Wall Street with any significant trend-setting impulses on Friday. “This labor market report will give central bankers a headache,” commented portfolio manager Thomas Altmann from the asset manager QC Partners. “An unemployment rate at an annual low and newly created jobs also at an annual low do not really fit together.” According to him, the traffic light for the start of tapering, ie to reduce expansionary monetary policy measures, remains “on yellow”.
The Dow Jones Industrial (Dow Jones 30 Industrial) oscillated between small gains and losses. Most recently it was down 0.12 percent to 34,713.52 points. The S&P 500 fell 0.21 percent to 4390.42 points. The technology-heavy NASDAQ 100 fell 0.48 percent to 14,825.78 points.
In view of the mixed signals sent by the US labor market report, Altmann believes it is quite possible that the US Federal Reserve (Fed) will postpone its tapering announcement to December. Helaba economist Ulrich Wortberg, however, sees no reason for this. Aside from the unemployment rate, he points out the continued rise in hourly wages, which could add to inflation concerns.
In September, only 194,000 new jobs had been created outside of agriculture in the United States, while professionals had reckoned half a billion. At the same time, however, the unemployment rate fell to 4.8 percent and thus far more clearly than expected and stronger than expected, the wage development was also.
There were only a few companies that looked at the individual values. In the Dow, Home Depot shares were bottom 1.1 percent. They suffered from a canceled buy recommendation by Loop Capital. The analysts warn of “considerable risks” for the hardware store chain from supply chain problems and downgraded the paper to “hold”.
Chevron (Chevron), meanwhile, were the top value in the Wall Street Index Dow with plus 2.0 percent and in the S&P 100 ConocoPhillips gained 3.6 percent at the top of the index. ExxonMobil gained 2.3 percent. The three stocks are again benefiting from rising oil prices. The price of a barrel of the US WTI variety rose above $ 80 for the first time since November 2014. The main driver of the price rally remains the tight supply situation.
Against the backdrop of the US reporting season starting next week, bank stocks are gradually attracting the attention of investors, all of which have rallied. The big bank JPMorgan (JPMorgan ChaseCo) kicks off its third quarter report on Wednesday, followed on Thursday by Bank of America, Citigroup, Morgan Stanley Wells Fargo (Wells FargoCo) and US Bancorp (US Bancorp) ./ ck / he
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