US close: Stocks finish firmer as jobs figures beat forecasts
By Josh White
Date: Thursday 07 Oct 2021
(Sharecast News) - Wall Street stocks reversed earlier losses for a positive finish on Wednesday, despite ongoing fears regarding rising rates, higher inflation, global reopening, and the debt limit.
At the close, the Dow Jones Industrial Average was up 0.3% at 34,416.99, the S&P 500 added 0.41% to 4,363.55, and the Nasdaq Composite was 0.47% firmer at 14,501.91.
The Dow closed 102.32 points higher on Wednesday, taking a huge bite out of gains recorded in the previous session.
Oil prices, which hit their highest level since 2014 on Tuesday, slipped on Wednesday, with West Texas Intermediate crude oil last down 2.42% at $77.02 per barrel.
Comments from Janet Yellen on Tuesday were also weighing on sentiment, with the Treasury Secretary warning that the US would fall into a recession if Congress did not raise the debt ceiling before the 18 October deadline.
On the macro front, mortgage applications fell 6.9% in the week ended 1 October as higher rates weighed on the market in the, according to the Mortgage Bankers Association, with activity in both purchases and refinancing sliding.
Elsewhere, ADP employment change figures revealed that private jobs rose by 568,000 in September, better than estimates for a print of 425,000 as the leisure and hospitality sector led job creation with 226,000 hires.
In terms of earnings, jeans giant Levi Strauss & Co was down 5.13% at the close ahead of its third-quarter results, but gained 3.14% in after-hours action.
Reopening plays were in the red at the closing bell, with American Airlines down 4.33% and JetBlue 2.67% lower, after downgrades from analysts at Goldman Sachs who cited higher fuel prices and slower near-term demand.
General Electric and Carnival were also in the red by 0.54% and 2.05%, respectively, due to fears regarding the global economic recovery.
Dow Jones - Risers
Microsoft Corp. (MSFT) $293.11 1.51%
Procter & Gamble Co. (PG) $141.19 1.33%
Salesforce.Com Inc. (CRM) $275.27 1.29%
Coca-Cola Co. (KO) $53.71 1.19%
Visa Inc. (V) $226.51 0.99%
Travelers Company Inc. (TRV) $155.09 0.97%
McDonald's Corp. (MCD) $247.10 0.77%
Walmart Inc. (WMT) $137.62 0.73%
Apple Inc. (AAPL) $142.00 0.63%
Goldman Sachs Group Inc. (GS) $388.05 0.58%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $57.16 -3.28%
Cisco Systems Inc. (CSCO) $53.94 -1.37%
Merck & Co. Inc. (MRK) $80.66 -1.15%
Amgen Inc. (AMGN) $209.98 -0.89%
Chevron Corp. (CVX) $104.93 -0.88%
American Express Co. (AXP) $173.40 -0.78%
International Business Machines Corporation (CDI) (IBM) $142.36 -0.55%
Nike Inc. (NKE) $148.80 -0.44%
Walgreens Boots Alliance, Inc. (WBA) $46.91 -0.38%
Caterpillar Inc. (CAT) $191.86 -0.33%
S&P 500 - Risers
Intercontinental Exchange Inc (ICE) $122.62 3.84%
CSX Corp. (CSX) $32.54 3.53%
Vulcan Materials Co. (VMC) $174.71 3.21%
Norfolk Southern Corp. (NSC) $262.53 2.90%
Martin Marietta Mtrl (MLM) $357.31 2.64%
PepsiCo Inc (PEP) $154.96 2.56%
Carmax Inc. (KMX) $129.27 2.41%
Twitter Inc (TWTR) $61.29 2.39%
Hershey Foods Corp. (HSY) $178.55 2.34%
Mondelez International Inc. (MDLZ) $60.20 2.33%
S&P 500 - Fallers
Electronic Arts Inc. (EA) $134.07 -6.95%
Nektar Therapeutics (NKTR) $16.12 -5.95%
Seagate Technology Plc (STX) $80.61 -5.33%
American Airlines Group (AAL) $20.54 -4.33%
Kohls Corp. (KSS) $45.93 -3.81%
PVH Corp. (PVH) $104.36 -3.74%
Ralph Lauren Corp (RL) $115.27 -3.50%
Devon Energy Corp. (DVN) $38.68 -3.49%
Arconic Inc. (ARNC) $30.76 -3.45%
FMC Corp. (FMC) $89.59 -3.43%
Nasdaq 100 - Risers
NetEase Inc. Ads (NTES) $88.71 6.65%
CSX Corp. (CSX) $32.54 3.53%
Mondelez International Inc. (MDLZ) $60.20 2.33%
eBay Inc. (EBAY) $71.54 2.24%
Vertex Pharmaceuticals Inc. (VRTX) $180.91 2.20%
Take-Two Interactive Software Inc. (TTWO) $165.44 2.11%
Workday, Inc. (WDAY) $256.33 1.70%
Microsoft Corp. (MSFT) $293.11 1.51%
Paypal Holdings Inc (PYPL) $264.06 1.50%
Biomarin Pharmaceutical Inc. (BMRN) $77.87 1.49%
Nasdaq 100 - Fallers
Electronic Arts Inc. (EA) $134.07 -6.95%
Seagate Technology Plc (STX) $80.61 -5.33%
American Airlines Group (AAL) $20.54 -4.33%
Mercadolibre Inc. (MELI) $1,548.57 -2.33%
Ross Stores Inc. (ROST) $105.88 -2.25%
Vodafone Group Plc ADS (VOD) $15.46 -2.15%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $368.21 -1.49%
Qurate Retail Inc. (QRTEA) $10.19 -1.45%
Liberty Global plc Series A (LBTYA) $29.57 -1.40%
Cisco Systems Inc. (CSCO) $53.94 -1.37%
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