pcloudy.png
Wednesday August 10th, 2022 10:59AM

Wall Street points higher as U.S. adds another 431,000 jobs

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — Wall Street is poised to open higher Friday after the government reported another month of robust hiring in the U.S., while a resurgence in Russian attacks dashed hopes for a cessation of widespread violence in Ukraine.

Futures for the Dow industrials and S&P 500 rose 0.5% in premarket trading and prices for U.S. crude oil dipped below $100 per barrel. Shares in Asia were mixed, while European benchmarks gained.

The U.S. economy added another 431,000 jobs in March, a sign of the economy’s resilience in the face of a still-destructive pandemic and the highest inflation in 40 years. The Labor Department’s report Friday showed that last month’s job growth helped reduce the unemployment rate to 3.6%, the lowest level since the pandemic erupted two years ago.

Despite surging inflation, the U.S. economy has cranked out more than 400,000 jobs every month for nearly a year.

Shares in Europe rose despite a report that consumer prices in the 19 countries that use the euro currency rose by an annual rate of 7.5% in March, the fifth straight monthly record. Spiking energy costs are the main factor driving inflation in Europe, with those prices surging 44.7% last month, up from 32% in February, Eurostat said.

Oil and gas prices had already been rising because of increasing demand from economies recovering from the depths of the COVID-19 pandemic. They jumped higher after Russia, a major oil and gas producer, invaded Ukraine, on fears that sanctions and export restrictions could crimp supplies.

Britain’s FTSE 100 gained 0.4%, Germany’s DAX rose 0.5% and France's CAC 40 added nearly 0.6% in midday trading.

In Asia, Bank of Japan's closely watched quarterly gauge of business sector sentiment, the “tankan,” showed the benchmark indicator for large manufacturers dropped for the first time in seven quarters, losing three points from a survey in December to 14 points from 17 points.

The war in Ukraine, coming on top of supply chain disruptions at top manufacturers caused by COVID-19 restrictions and growing worries about inflation are clouding the outlook for already fragile growth in the world's third-largest economy.

Japan’s benchmark Nikkei 225 slipped 0.6% to finish at 27,665.98.

Shares in electronics and energy giant Toshiba Corp. jumped 6.5% on news that Bain Capital might make an offer to acquire the company and take it private. Toshiba said it was not involved in any such talks.

South Korea’s Kospi lost 0.7% to 2,739.85. Australia’s S&P/ASX 200 edged down less than 0.1% to 7,493.80. Hong Kong’s Hang Seng rose 0.2% to 22,039.55, while the Shanghai Composite jumped 0.9% to 3,282.72.

Rising COVID-19 cases in China are adding to the worries of a regional slowdown. The lockdown in Shanghai entered its second phase of extended restrictions, while restrictions were lifted in hard-hit Jilin.

Oil prices fell as President Joe Biden ordered the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve. The move to pump more oil into the market is part of an effort to control energy prices, which are up nearly 40% globally this year.

U.S. benchmark crude fell $1.70 to $98.58 a barrel in electronic trading on the New York Mercantile Exchange. It fell 7% on Thursday. Brent, the international pricing standard, shed $1.54 to $103.17 a barrel.

In currency trading, the U.S. dollar rose to 122.48 Japanese yen from 121.69 yen. The euro cost $1.1053, down from $1.1071.

___

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Wall Street points higher as U.S. adds another 431,000 jobs
Wall Street is poised to open higher Friday after the government reported another month of robust hiring in the U.S., while a resurgence in Russian attacks dashed hopes for a cessation of widespread violence in Ukraine
8:48AM ( 23 minutes ago )
Live updates | Officials: besieged Ukraine city is cut off
Authorities in Mariupol say it is not possible to enter the besieged Ukrainian city and that it is dangerous for people to try and leave it on their own
8:43AM ( 29 minutes ago )
US added 431,000 jobs in March in sign of economic health
America’s employers extended a streak of robust hiring in March, adding 431,000 jobs in a sign of the economy’s resilience in the face of a still-destructive pandemic and the highest inflation in 40 years
8:35AM ( 36 minutes ago )
Associated Press (AP)
Strike on Russian oil depot reported as Ukraine talks resume
A desperately needed delivery of aid and the evacuation of civilians from the besieged Ukrainian city of Mariupol remain in doubt following reports of continued Russian interference
8:04AM ( 1 hour ago )
NCAA president decries pace of basketball investigations
NCAA President Mark Emmert says investigations into allegations of major violations against several high-profile men’s college basketball programs have taken “way too long.”
7:50AM ( 1 hour ago )
China rejects sanctions as Ukraine war tops summit agenda
China is renewing its criticism of Western sanctions against Russia and says it won't be forced to choose sides in the conflict in Ukraine
7:41AM ( 1 hour ago )
AP Business
Global shares mixed as Japan 'tankan' shows weaker outlook
Global shares are trading mixed as a resurgence of Russian attacks dashes hopes for any quick end to the war in Ukraine
5:15AM ( 3 hours ago )
Asian shares slip as Japan 'tankan' shows weaker outlook
Asian shares have mostly fallen as a resurgence of Russian attacks dashed hopes for any quick end to the war in Ukraine
11:47PM ( 9 hours ago )
UN chief names panel to probe companies' climate efforts
The head of the United Nations has announced the appointment of an expert panel to scrutinize companies’ efforts to curb climate change
11:48AM ( 21 hours ago )
AP Business - Corporate News
Inflation in 19 nations using euro soars to record 7.5%
Inflation in Europe has soared to another record
5:30AM ( 3 hours ago )
High energy costs are hitting UK. It's about to get worse
People across the United Kingdom will face tough choices in coming months as energy costs for millions of households are set to rise by 54% on Friday
4:30AM ( 4 hours ago )
High energy costs are hitting UK; it's about to get worse
People across the United Kingdom will face tough choices in coming months as energy costs for millions of households are set to rise by 54% on Friday
2:24AM ( 6 hours ago )
AP Business - Economy
Stocks slip, oil slides as US releases crude reserves
Stocks edged lower in afternoon trading on Wall Street Thursday and oil prices fell as President Joe Biden ordered the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve
3:12PM ( 17 hours ago )
UN seeks record $4.4B for Afghans struggling under Taliban
The head of the United Nations says nearly all Afghans don’t have enough to eat and some have resorted to “selling their children and their body parts” to get money for food
2:32PM ( 18 hours ago )
As Russia sees tech brain drain, other nations hope to gain
Russian technology workers are fleeing the country by the tens of thousands as the economy goes into a tailspin under pressure from international sanctions
11:09AM ( 22 hours ago )
AP Business - Financial Markets
Russians leave Chernobyl; Ukraine braces for renewed attacks
Ukrainian authorities say Russian troops have left the heavily contaminated Chernobyl nuclear site and returned control of the facility
4:46AM ( 4 hours ago )
Live updates | Australia sending armored vehicles to Ukraine
Australia’s prime minister says his country will be sending armored Bushmaster vehicles to Ukraine
11:08PM ( 10 hours ago )
Live updates | Ukrainian generals stripped of military rank
Ukrainian President Volodymyr Zelenskyy says he has stripped two generals of their military rank
10:41PM ( 10 hours ago )
AP Business - Industries
Kremlin demands rubles for gas, EU leaders push back
Russian President Vladimir Putin insisted Thursday that the country’s natural gas must be paid for with rubles, a demand apparently intended to help bolster the Russian currency but one that European leaders say they will not comply with because it violates the terms of contracts and sanctions
6:18PM ( 14 hours ago )
Live updates | Cleric: Russia could crush minority faiths
The top-ranking Ukrainian Catholic cleric in the United States is warning that religious minorities stand to be “crushed” if Russia gains control of Ukraine
6:17PM ( 14 hours ago )
Live updates | Pentagon: Weapons shipments arrive in Ukraine
The Pentagon says an initial half-dozen shipments of weapons and other security assistance have reached Ukraine as part of the $800 million package of aid that President Joe Biden approved on March 16
4:58PM ( 16 hours ago )
AP Business - Utilities
Live updates | Officials: besieged Ukraine city is cut off
Authorities in Mariupol say it is not possible to enter the besieged Ukrainian city and that it is dangerous for people to try and leave it on their own
8:43AM ( 29 minutes ago )
US added 431,000 jobs in March in sign of economic health
America’s employers extended a streak of robust hiring in March, adding 431,000 jobs in a sign of the economy’s resilience in the face of a still-destructive pandemic and the highest inflation in 40 years
8:35AM ( 36 minutes ago )
Pope makes historic apology to Indigenous for Canada abuses
Pope Francis has made a historic apology to Indigenous Peoples for the “deplorable” abuses suffered in Canada’s residential schools
8:25AM ( 46 minutes ago )
Wall Street points higher ahead of the March jobs report
Wall Street was poised to open higher Friday as investors await monthly jobs data for March, while a resurgence of Russian attacks dashed hopes for any quick end to the war in Ukraine
8:25AM ( 46 minutes ago )
Pope makes historic apology to Indigenous Canada abuses
Pope Francis has made a historic apology to Indigenous Peoples for the “deplorable” abuses suffered in Canada’s residential schools
8:24AM ( 47 minutes ago )