December 14, 2017
Monday, April 6, 2015

Wall Street ends higher as weak data reduces rate hike worries

US stocks rose today as expectations the Federal Reserve could hold off longer on raising interest rates offset concerns over Friday's surprisingly weak jobs report.

The jobs report was well below expectations, with data showing US employers last month added the fewest jobs in more than a year.

Underscoring the economic weakness, an ISM report showed the pace of growth in the US services sector fell in March to its lowest level in three months.

The Fed is expected to raise rates for the first time in almost a decade later this year if the economy, especially the labor market, keeps improving.

The S&P utilities sector, which tends to outperform in low interest rate environments, rose 1.3 percent, making it among the best-performing sectors of the day.

The S&P energy sector, up 1.8 percent, led gains as US crude oil futures jumped 6.1 percent after Saudi Arabia raised its price for sales to Asia and estimates for crude buildups fell.

The Dow Jones industrial average rose 117.61 points, or 0.66 percent, to 17,880.85, the S&P 500 gained 13.66 points, or 0.66 percent, to 2,080.62 and the Nasdaq Composite added 30.38 points, or 0.62 percent, to 4,917.32.

The lacklustre economic data also eased some concerns that the US dollar would continue to strengthen and pressure the earnings of companies with international exposure.

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Edition No. 5055 - This publication is a property of NEFIR S.A. -RNPI Nº 5343955 - Issn 1852 - 9224 - Te. 4349-1500 - San Juan 141 , (C1063ACY) CABA - Director Perdiodístico: Ricardo Daloia