Stock market today
A lower close for the US stock market today due to the big September payrolls miss. Small-cap stocks underperformed, and Dow Jones outperformed closing flat, losing only 8 points. The closing numbers for the US stock market today are:
S&P 500: 4,391.36,-8.40(-0.19%)
Dow 30: 34,746.25,-8.69(-0.03%)
Russell 2000: 2,234.44,-15.66(-0.70%)
Stock market news
“Stocks closed in the red on Friday as investors digested a key report on the labor market’s recovery, which showed a much weaker-than-expected pace of hiring last month.
The S&P 500 fluctuated between gains and losses throughout the day, trading choppily after three consecutive sessions of advances. The blue-chip index still eked out a weekly gain, however.
The moves to the upside earlier this week came after Senate leaders said they reached an agreement on raising the government borrowing limit into early December, helping avert a default as soon as this month. The chamber voted Thursday evening to raise the debt limit by $480 billion, and the legislation for the short-term increase now heads to the House of Representatives.
With concerns over the government debt ceiling pushed off, investors have fixed their attention toward the latest monthly jobs report from the Labor Department. This report showed another miss on payroll gains after a disappointing August print.
Non-farm payrolls rose by only 194,000 in September versus the 500,000 expected. The unemployment rate fell more than expected to 4.8%, though this positive development came alongside a disappointing drop in the labor force participation rate to 61.6%, versus 61.7% in August. And the size of the civilian labor force actually contracted in September, with the gap between the size of the labor force in February 2020 and last month yawning further to top 3 million.
Average hourly earnings also accelerated to reach a 4.6% year-over-year rate, or the fastest since February, in another print affirming inflationary pressures taking place across the U.S. economy.”