Us close wall street goes into labor day weekend slightly higher learning articles


Wall Street went into the long Labor Day weekend on a slightly higher note following the release of a "noisy" jobs report for the month of August, alongside mixed readings on the economy.

By the closing bell, the Dow Jones Industrial Average was higher by 0.18% or 39.46 points at 21,987.52, with the S&P 500 tacking on 0.20% or 4.90 points to 2,476.55, alongside a 0.10% or 6.67 point advance for the Nasdaq Composite that took it to 6,435.33.

To take note of, overnight US Treasury Secretary Steve Mnuchin told CNBC the White House already had a "very detailed" tax reform plan ready.

Meanwhile, oil prices edged higher despite Hurricane Harvey paralysing more than a quarter of the US refining industry math jokes. West Texas Intermediate tacked on 21 cents to $47.29 a barrel on the NYMEX.

Commenting on Friday’s US Jobs data, ETX Capital’s Neil Wilson said, "Although a miss it looks like this print isn’t doing anything to alter projections for what the Federal Reserve will do later this month or for the rest of the year.

"The labour market remains in fine health, wage growth is AWOL and inflation lacklustre – nothing has changed today binary to. One swallow doesn’t make a summer and one August jobs miss doesn’t make for a weakening labour market solving problems by finding equivalent ratios. Markets have already decided the Fed probably won’t hike again this year."

America’s job market created 156,000 new posts last month (consensus: 180,000) and, at 0.1% on the month, wage growth fell short of expectations (again).

The details of the report were similarly lacklustre, when not worse, although so-called ‘underemployment’ as measured by the U6 rate of joblessness was modestly improved, Barclays’s Michael Gapen said in a research note sent to clients.

Hence, Gapen said: "We continue to look for an announcement on balance sheet normalization at the September FOMC meeting and see a rate hike in December as still likely, pending further incoming data on inflation and the outcome of potential near-term disruptions to activity, including Hurricane Harvey and the pending deadlines to raise the debt ceiling and extend the federal budget."

On the positive side of the ledger, separate readings from ISM and IHS Markit on factory sector activity in August both edged past forecasts.

Consumer confidence in the States also undershot forecasts, printing at 96.8 at the end of August, up from 93.4 for end July but lower than a preliminary estimate of 97.6.

In the Sunday Times’ Inside the City column today, John Collingridge looks at one-stop-everything-for-your-pet shop Pets at Home, which currently boasts 450 locations and sits comfortably as Britain’s biggest pet retailer.

An Indian deal-maker who is on Interpol’s wanted list is working on a takeover of three high street chains stock connect morgan. Emerisque Brands, a private equity firm founded by Ajay Khaitan, has entered exclusive talks to buy the fashion retailers Oasis, Warehouse and Coast from the Icelandic bank Kaupthing. – The Sunday Times

European equity markets finished the week on a mixed note, with weakness in the US currency and corresponding strength in the euro still very much on traders’ minds against a backdrop of heightened risks of a further missile test by North Korea at the weekend.

James Thompson, a European oil and gas analyst at JP Morgan, said on Friday that while the extended commissioning of EnQuest’s Kraken project and resulting underwhelming performance thereof, were "clearly central" to the debate, JP Morgan was somewhat reassured given that commissioning phase issues were historically easier to rectify than facility or reservoir related problems.

Sara Netanyahu, the wife of Israeli prime minister Benjamin Netanyahu, is set to stand trial after accusations involving the use of state money for private expenses.

London closed lower on Friday as investors digested a mixed set of UK data, amid worries that North Korea might be preparing for a missile launch on Saturday to mark the celebration of its founding day.

Alexander Mining announced on Friday that it has agreed a “significant” new research and development joint venture project, for the potential recovery of vanadium from amenable ores code c. The AIM-traded firm said the JV was between Alexander, Australian company Multicom Resources, and John Webster Innovations, whose principal is mining industry consultant John Webster.

Angus Energy announced on Friday that the drilling rig purchased from British Drilling and Freezing had arrived on location at its Lidsey oil field asset in West Sussex and were in the process of being rigged up.

Wall Street is trading on a mixed note heading into the weekend, alongside another slide in the US dollar to 33-month lows as Hurricane Irma made its way towards Florida and amid concerns about another potential missile launch by North Korea.