U.S.
stocks fluctuated, while the dollar declined as weaker-than-estimated
jobs data added to speculation that the Federal Reserve won’t be in a
hurry to raise interest rates. Gold rose and oil climbed as Saudi Arabia
raised prices for shipments to Asia.
The
Standard & Poor’s 500 Index rose less than 0.1 percent at 9:58 a.m.
in New York, after earlier falling 0.5 percent. The Bloomberg Dollar
Spot Index slipped 0.3 percent, while the yield on 10-year Treasury
notes was little changed near a two-month low. West Texas Intermediate
crude jumped 2.1 percent to $50.17 a barrel and gold rose 1.6 percent.
Stock markets were closed in western Europe on Monday.
U.S.
payrolls trailed even the most pessimistic forecast, spurring
speculation that the Fed will delay raising interest rates. New York Fed
President William Dudley said the pace of rate increases is likely to
be “shallow” once the Fed starts to tighten. While data signaling rates
near zero for longer have previously been welcomed by American equity
investors, concern is building that economic weakness will worsen the
outlook for corporate profits.
U.S.
exchanges were closed for the Good Friday holiday. The S&P 500 is
2.6 percent below its latest all-time high, set on March 2, after last
week capping its ninth straight quarterly advance. Treasuries were
little changed at 1.85 percent on Monday after yields on 10-year notes
fell seven basis points in a shortened session on April 3.
Source: Bloomberg
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