U.S. stocks closed
higher, boosted by a rebound in Apple Inc., after swinging in a wide
range amid light volume a week before the Federal Reserve makes a
decision on interest rates.
The Standard & Poor’s 500 Index gained 0.5 percent to 1,952.23 at 4 p.m. in New York, after rising as much as 1.2 percent.
Investors assessed
data today showing fewer Americans lined up last week to file for
jobless benefits, highlighting the persistent strength of the labor
market. Claims for unemployment insurance fell by 6,000 to 275,000 in
the week ended Sept. 5, matching a Bloomberg survey of economists’
forecasts. A report yesterday showed job openings surged to a record in
July, as hiring cooled, a sign employers are having a hard time finding
qualified workers amid tightening labor market.
As investors anxiously
await the Fed’s looming decision on whether to raise rates this month,
policy makers at the Bank of England said today that market turmoil
related to China’s slowdown hasn’t shaken their view that the time for a
rate increase is approaching. Similar to recent comments from Fed
officials, the BOE also stuck to its view that inflation will start to
pick up around the turn of the year.
With the timing of the
Federal Reserve’s first rate increase since 2006 taking center stage,
traders remain confident the Fed will raise borrowing costs this year.
They’re pricing in a 28 percent chance the central bank will increase
rates next week, down from 48 percent before China’s devaluation, while
odds of a move at the December gathering are about 60 percent, according
to data compiled by Bloomberg.
Source: Bloomberg
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