clearn.png
Sunday September 26th, 2021 2:14AM

Stocks open broadly higher, pushing S&P 500 back to record

By The Associated Press
Related Articles
  Contact Editor

Stocks are opening broadly higher on Wall Street led by gains in technology, industrial and other companies. The S&P 500 rose 0.4% in the early going Thursday, pushing it back into record territory after a flat close a day earlier. Apple paced gains in the tech sector with a 1.4% increase in early trading. Online pet food seller Chewy sank 8% after reporting results that fell short of analysts’ forecasts. Trading has been muted in recent days ahead of Friday’s jobs report from the Labor Department and the Labor Day holiday in the U.S. on Monday.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

BEIJING (AP) — Global stocks rose Thursday after soft U.S. jobs surveys fueled optimism the Federal Reserve might feel less pressure to wind down stimulus.

Markets in Shanghai, Tokyo and Frankfurt rose while London opened little changed.

Wall Street futures were higher after the benchmark S&P 500 index added 0.1% on Wednesday.

The spread of the coronavirus’s delta variant and anti-disease measures have depressed hiring and consumer confidence. But that has reassured some investors that the Fed and other central banks might postpone plans to wind down easy credit and other stimulus that has supported stock prices.

Ahead of U.S. employment data due out Friday, a survey by payroll processor ADP found companies added jobs more slowly than expected in August. A separate survey by the Institute for Supply Management, a trade group of purchasing managers, showed manufacturing employment declined.

“This seems to reduce the chances of significant outperformance” by Friday’s Labor Department report “and supports the stance that Fed tapering may not come until at least November,” said Yeap Jun Rong of IG in a report.

In early trading, the FTSE 100 in London was flat at 7,147.70 while Frankfurt's DAX rose 0.2% to 15,855.12. The CAC 40 in Paris gained 0.2% to 6,772.42.

On Wall Street, futures for the S&P 500 and the Dow Jones Industrial Average were 0.1% higher.

On Wednesday, the Dow fell 0.1% while the Nasdaq climbed 0.3%.

In Asia, the Shanghai Composite Index rose 0.8% to 3,597.04 and the Nikkei 225 in Tokyo advanced 0.3% to 28,543.51. The Hang Seng in Hong Kong added 0.1% to 26,056.44.

The Kospi in Seoul sank 1% to 3,175.85 and Sydney's S&P-ASX 200 lost 0.6% to 7,485.70.

India's Sensex gained 0.5% to 57,634.71. New Zealand and Bangkok gained while Singapore and Jakarta declined.

Forecasters expect U.S. employers to have created 750,000 jobs in August, according to FactSet, pushing the unemployment rate down to 5.2%.

The Labor Department data could help give investors a clearer picture of whether the Fed will decide at its September meeting on a timeline for winding down its $120 billion a month in bond purchases that inject money into the financial system.

Investors took comments by Fed Chairman Jerome Powell last week as assurance interest rates will stay low for the foreseeable future, even when the Fed starts to reduce bond purchases.

Summary = Global stocks are higher after soft U.S. jobs surveys fueled optimism the Federal Reserve might feel less pressure to wind down stimulus. Shanghai, Tokyo and Frankfurt rose while London opened little-changed. Wall Street futures were higher after the benchmark S&P 500 index added 0.1% on Wednesday. The spread of the coronavirus’s delta variant and anti-disease measures have depressed hiring and consumer confidence. But that has reassured some investors the Fed and other central banks might postpone plans to wind down easy credit and other stimulus that has supported stock prices.

Body = Global stocks rose Thursday after soft U.S. jobs surveys fueled optimism the Federal Reserve might feel less pressure to wind down stimulus.

Markets in Shanghai, Tokyo and Frankfurt rose while London opened little changed.

Wall Street futures were higher after the benchmark S&P 500 index added 0.1% on Wednesday.

The spread of the coronavirus’s delta variant and anti-disease measures have depressed hiring and consumer confidence. But that has reassured some investors that the Fed and other central banks might postpone plans to wind down easy credit and other stimulus that has supported stock prices.

Ahead of U.S. employment data due out Friday, a survey by payroll processor ADP found companies added jobs more slowly than expected in August. A separate survey by the Institute for Supply Management, a trade group of purchasing managers, showed manufacturing employment declined.

“This seems to reduce the chances of significant outperformance” by Friday’s Labor Department report “and supports the stance that Fed tapering may not come until at least November,” said Yeap Jun Rong of IG in a report.

In early trading, the FTSE 100 in London was flat at 7,147.70 while Frankfurt’s DAX rose 0.2% to 15,855.12. The CAC 40 in Paris gained 0.2% to 6,772.42.

On Wall Street, futures for the S&P 500 and the Dow Jones Industrial Average were 0.1% higher.

On Wednesday, the Dow fell 0.1% while the Nasdaq climbed 0.3%.

In Asia, the Shanghai Composite Index rose 0.8% to 3,597.04 and the Nikkei 225 in Tokyo advanced 0.3% to 28,543.51. The Hang Seng in Hong Kong added 0.1% to 26,056.44.

The Kospi in Seoul sank 1% to 3,175.85 and Sydney’s S&P-ASX 200 lost 0.6% to 7,485.70.

India’s Sensex gained 0.5% to 57,634.71. New Zealand and Bangkok gained while Singapore and Jakarta declined.

Forecasters expect U.S. employers to have created 750,000 jobs in August, according to FactSet, pushing the unemployment rate down to 5.2%.

The Labor Department data could help give investors a clearer picture of whether the Fed will decide at its September meeting on a timeline for winding down its $120 billion a month in bond purchases that inject money into the financial system.

Investors took comments by Fed Chairman Jerome Powell last week as assurance interest rates will stay low for the foreseeable future, even when the Fed starts to reduce bond purchases.

In energy markets, benchmark U.S. crude rose 2 cents to $68.62 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price basis for international oils, advanced 5 cents to $71.64 per barrel in London.

The dollar advanced to 110.04 yen from Wednesday’s 109.94 yen. The euro held steady at $1.1846.

The dollar advanced to 110.04 yen from Wednesday's 109.94 yen. The euro held steady at $1.1846.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Social media's 70-up 'grandfluencers' debunking aging myths
Joan MacDonald’s health was in shambles at age 71
10:06AM ( 12 minutes ago )
Hurricane Ida's aftermath, recovery uneven across Louisiana
The recovery from Hurricane Ida is decidedly uneven four days after the catastrophic storm struck Louisiana
10:03AM ( 14 minutes ago )
Deal with OxyContin maker leaves families angry, conflicted
A landmark settlement in the nation’s opioid epidemic is forcing the owners of OxyContin maker Purdue Pharma to give up the company and pay out $4.5 billion
9:58AM ( 20 minutes ago )
Associated Press (AP)
US trade deficit narrows slightly to $70.1 billion in July
The U.S. trade deficit narrowed slightly to $70.1 billion in July as economic recovery overseas helped boost American exports while imports declined
9:37AM ( 41 minutes ago )
Death toll rises after Ida’s remnants hit Northeast
The remnants of Hurricane Ida dumped historic rain over the tri-state area, with at least nine deaths linked to flooding in New York, New Jersey and Pennsylvania
9:36AM ( 41 minutes ago )
US jobless claims reach a pandemic low as hiring strengthens
The number of Americans seeking unemployment benefits fell last week to 340,000, a pandemic low, another sign that the job market is steadily rebounding from the economic collapse caused by the coronavirus pandemic
9:30AM ( 47 minutes ago )
AP Business
The Latest: Man arrested after New Zealand quarantine escape
A man in New Zealand who had tested positive for the coronavirus faces criminal charges after he escaped from an Auckland quarantine hotel and returned home, according to authorities
5:34AM ( 4 hours ago )
Global stocks higher ahead of US report on August employment
Global stocks are higher after soft U.S. jobs surveys fueled optimism that the Federal Reserve might feel less pressure to wind down stimulus
4:49AM ( 5 hours ago )
What can employers do if workers avoid COVID-19 vaccines?
More companies are requiring COVID-19 vaccines and taking actions to motivate employees into getting their shots
12:13AM ( 10 hours ago )
AP Business - Corporate News
Merkel prepares to step down with legacy of tackling crises
Angela Merkel will leave office as one of modern Germany’s longest-serving leaders and as a global diplomatic heavyweight
6:15AM ( 4 hours ago )
Merkel steps down with legacy dominated by tackling crises
Angela Merkel will leave office as one of modern Germany’s longest-serving leaders and as a global diplomatic heavyweight
2:33AM ( 7 hours ago )
Asian markets mixed ahead of US report on August employment
Asian stock markets are mixed after soft U.S. jobs data fueled optimism the Federal Reserve might feel less pressure to wind down stimulus
2:10AM ( 8 hours ago )
AP Business - Economy
Stocks are off to a muted start for September; tech gains
Stocks edged higher in morning trading on Wall Street Wednesday, with gains from tech giants leading the way
10:52AM ( 23 hours ago )
Global stocks follow Wall St. higher amid virus uncertainty
Global stock markets are mostly rising as investors weigh the economic impact of the spread of the coronavirus’s delta variant
4:51AM ( 1 day ago )
Asian stocks follow Wall St higher amid virus uncertainty
Asian stock markets have gained as investors weighed the economic impact of the spread of the coronavirus’s delta variant
1:40AM ( 1 day ago )
AP Business - Financial Markets
After Ida, small recovery signs amid daunting destruction
Residents of Louisiana communities hit hard by Hurricane Ida are seeing small signs of progress amid the need for a monumental recovery
11:13PM ( 11 hours ago )
Weather slows California wildfire, but flames keep moving
Officials say they lucked out with favorable weather conditions that kept a huge forest fire out of the city of South Lake Tahoe, California
9:22PM ( 12 hours ago )
The Latest: Ontario to require COVID-19 vaccine certificates
Ontario has become the fourth Canadian province to announce residents will soon have to show proof of vaccination against COVID-19 to enter restaurants, theaters, gyms and other indoor public venues
4:18PM ( 18 hours ago )
AP Business - Industries
Biden looking at climate change risks to financial markets
President Joe Biden's administration is taking an initial step to assess how climate change could harm financial markets
10:59AM ( 1 day ago )
Europe sees inflation jump on temporary factors
Consumers are seeing higher prices in Europe
9:42AM ( 2 days ago )
Europe sees higher inflation on fleeting factors like oil
Consumers are seeing higher prices in Europe
6:51AM ( 2 days ago )
AP Business - Financial Services
Social media's 70-up 'grandfluencers' debunking aging myths
Joan MacDonald’s health was in shambles at age 71
10:06AM ( 12 minutes ago )
Hurricane Ida's aftermath, recovery uneven across Louisiana
The recovery from Hurricane Ida is decidedly uneven four days after the catastrophic storm struck Louisiana
10:03AM ( 15 minutes ago )
Deal with OxyContin maker leaves families angry, conflicted
A landmark settlement in the nation’s opioid epidemic is forcing the owners of OxyContin maker Purdue Pharma to give up the company and pay out $4.5 billion
9:58AM ( 20 minutes ago )
Gen. Lee statue can be removed, Virginia Supreme Court rules
The Supreme Court of Virginia has ruled that the state can take down an enormous statue of Confederate Gen. Robert E
9:47AM ( 31 minutes ago )
The Latest: Europe CDC: Give 1st shots before booster shots
The European Centre for Disease Prevention and Control is urging countries to ramp up primary coronavirus vaccine programs and downplayed the need for booster shots
9:45AM ( 33 minutes ago )