Jobs Report To Close Big Week
Stock index futures were poised to rise in the US on Friday as the world's largest economy prepared for the latest indication about the state of the recovery.
Saturday, June 7, 2014 - 00:00
The US Department of Labor is prepared to release May employment figures, and speculation is going both ways. If the federal agency releases an underwhelming report, Wall Street might see a selloff. The strong performance of the three major stock indexes, when some touched and repeatedly set record highs, would encourage a selloff. A healthy jobs report would be among the data that the Fed uses to continue tapering stimulus measures.
Just after 10 a.m. in New York, the Nasdaq climbed 0.32%, a rise of 13.87 points to 4,310.06; the S&P 500 increased 0.34%, a lift of 6.56 points to 1,947.02; and the Dow rose 0.38%, a climb of 64.76 points to 16,900.87.
he employment data also will include the unemployment rate, which the Fed keeps a close eye on as well.
Though weaker-than-expected jobs data was released earlier this week by a private-sector group, the general consensus is that the US economy is growing stronger.
ECB action benefits Wall Street
Wall Street's strong performance on Thursday was directly linked with the European Central Bank opting to slash borrowing costs to record low levels. The ECB also said it may continue acting with economy-spurring measures. Bloomberg reports that following the Thursday policy meeting in Germany, ECB President Mario Draghi announced one measure that the body deliberated. Negative deposit rates are forecast to prompt notable results.
The shared currency of the European Union will likely lose value but bond and stock markets are poised to benefit. By losing value, the euro would help stave away the dangers of deflation. That also would aid the business performance of shippers in the region.
In the five-day period leading through this past Tuesday, stock exchange-traded funds in Europe were boosted the equivalent of $800 million in assets. During the previous five-day period, those kinds of funds took in $200 million. The euro region is enduring a slower-than-expected economic recovery as compared to other developing nations' economies, which the ECB is keeping in mind with its policy decisions.
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