Nonfarm payrolls fell by 95,000 jobs in September, more than the estimate of economists, which forecast a 5,000 decline. The unemployment rate remained at 9.6%, compared to expectations of a slight increase to 9.7%. Average hourly earnings were unchanged month-over-month versus the Street's forecast of a 0.2% increase, and average weekly hours remained at 34.2, matching economists’ forecasts.
Wholesale inventories for August increased 0.8%, above the 0.5% advance that economists had forecast, and July’s 1.3% rise was revised higher to a 1.5% increase.
The Dow Jones Industrial Average gained 58 points (0.5%) to close at 11,006, the S&P 500 Index rose 7 points (0.6%) to 1,165, and the Nasdaq Composite advanced 18 points (0.8%) to 2,402. Crude oil rose $1.20 to $82.87 per barrel, and the Bloomberg gold spot price jumped $14.00 to $1,347.55 per ounce. For the week, the DJIA increased 1.63%, the S&P 500 Index gained 1.65%, and the Nasdaq Composite advanced 1.31%.
Magnificent Seven Update
Weekly Analysis Of Magnificent Seven ETFs
