09/01/2023

S&P 500 Ends Higher as Jobs Data Fuels Rate-hike Optimism

The rise in unemployment caused the growth

The S&P 500 ended higher on Friday after a jump in unemployment cemented expectations of a pause in interest rate hikes this month, while shares of streaming firms tumbled due to a rate dispute between Disney and Charter Communications.

The Labor Department's report showed the August unemployment rate rose to 3.8 percent while wage growth slowed. Nonfarm payrolls rose more than expected, though data for July was revised lower to 157,000 job additions.

The data added to recent macroeconomic evidence that the Federal Reserve is winning its battle against inflation, and it cemented expectations the central bank is near the end of its interest rate hiking cycle.

Please select this link to read the complete article from Reuters.