It also raised its forecast for results over the full year. Lululemon Athletica jumped 11.3% after it reported stronger profit for the latest quarter than expected, crediting accelerating sales trends in China and other factors. The move was widely expected by investors, and the deal moves next to President Joe Biden for his signature. government to avoid a potentially disastrous default on its debt. Higher rates have also hurt many smaller and mid-sized banks, in part because customers have pulled deposits in search of higher interest at money-market funds.Īlso helping to support Wall Street was the Senate giving final approval late Thursday to a deal that will allow the U.S. If it does, that would be the first time it hasn’t hiked rates in more than a year.Ī pause on rate hikes would offer some breathing room for an economy that’s already seen manufacturing contract sharply for months. “COVID led to strange times, a strange recovery and an even stranger slowdown.”įollowing the report, traders were largely expecting the Fed to hold interest rates steady at its next meeting in two weeks. “One thing that is striking is that if you compare aggregate payrolls today to the pre-COVID trend, we still have more than a four million job hole to fill-in,” he said. “The reality is probably somewhere in between,” said Brian Jacobsen, chief economist at Annex Wealth Management. That implies a bit more slack in the job market and seems to conflict with the gangbusters hiring numbers, whose data comes from a separate survey. The unemployment rate also rose by more than expected last month, moving up to 3.7% from a five-decade low.
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