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Wall Street Opens at Record as Jobless Data Fail to Damp Taper Hopes; Dow up 110

Stock MarketsSep 02, 2021 09:45AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets opened at record highs again on Thursday, shrugging off concerns about a slowing economy, spreading Covid-19 and a hurricane lashing New York City and a good part of the Northeast of the country. 

By 9:40 AM ET (1340 GMT), the Dow Jones Industrial Average was up 114 points, or 0.3%, at 35,427 points. The S&P 500 and the Nasdaq Composite both advanced 0.5% to new highs. 

Earlier, the Labor Department said that initial jobless claims fell to a new post-pandemic low of 340,000 suggesting that the latest wave of Covid-19 in the U.S. is still not triggering higher lay-offs. 

However, analysts cautioned that that may overstate the actual strength of the labor market at a time when deaths from Covid-19 are running at an average of over 1,400 a day and the incidence of new cases is near record highs. 

"Claims tell us nothing about the pace of hiring, which appears to bearing the brunt of the Delta hit," said Pantheon Macroeconomics chief economist Ian Shepherdson. "Firms always prefer to slow the pace of hiring before they take the more drastic step of laying off existing staff, and in today’s extremely tight labor market we think the bar for layoffs is even higher than usual."

Private-payrolls processor ADP indicated that the pace of hiring may have slowed in August on Wednesday, with a monthly report that showed private-sector jobs rising much less than expected. However, a similar number from ADP last month had been followed by an official report showing nearly 1 million jobs gained. 

Among early movers, Chewy (NYSE:CHWY) fell over 7% after disappointing the market with quarterly figures that suggested the pandemic-era boom in pet ownership is slowing, while ChargePoint (NYSE:CHPT) stock rose over 9% after its quarterly update showed electric vehicles gaining market share in the U.S. and Europe (where the group's charging infrastructure is concentrated) faster than expected.

Spotify (NYSE:SPOT) stock rose 5.8% and Netflix (NASDAQ:NFLX) stock rose 2.1% after Apple (NASDAQ:AAPL) said it will allow media companies to link to their own sites for payments, a step that will allow them to avoid paying Apple hefty commissions for payment services.

Elsewhere, Alibaba ADRs (NYSE:BABA) rose 1.1%, as the market took a relaxed view of news that it intends to divert some $15 billion of profit over the next five years to the government's 'common prosperity' program. The move arguably reduces the risk of more aggressive regulatory action against the e-commerce giant, while cynics suggested it might also improve the company's capital discipline. 

Hill-Rom (NYSE:HRC) stock meanwhile rose 3.4% as it confirmed its sale to medical devices group Baxter (NYSE:BAX) for just over $10 billion.

Wall Street Opens at Record as Jobless Data Fail to Damp Taper Hopes; Dow up 110
 

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Comments (9)
Ronald Warren
Ronald Warren Sep 02, 2021 3:13PM ET
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Can you say propaganda?
Kristof Naessens
Kristof Naessens Sep 02, 2021 12:50PM ET
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As long as the Fed keeps printing money it will go up, when they stop everything blows up.
Ronald Warren
Ronald Warren Sep 02, 2021 12:08PM ET
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Chewy reported operating cost increases of 31%. No inflation going on around here. Apparently, 340,000 job losses isn't significant at all!
ben sc
ben sc Sep 02, 2021 11:03AM ET
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Food and energy price increases are to speed up in September and October. Need a new fed chief. ITS NOT TRANSITORY.
Jason Park
Jason Park Sep 02, 2021 11:03AM ET
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It's not just in the US. Around the world prices are rising. Not transitory at all.
Kabir Sayal
Kabir Sayal Sep 02, 2021 10:47AM ET
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Kabir
Manish Manish
Manish Manish Sep 02, 2021 10:06AM ET
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anything to keep market up..
Ricardo Diogo
Rcd72 Sep 02, 2021 10:06AM ET
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the ponzi rides on...then inflation at 6% will be " transitory "... meanwhile food and energy and lumber metals at ATH.... the tax payers will get the bags to carry... as usual
Mike ND
Mike ND Sep 02, 2021 10:06AM ET
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You must not be watching lumber prices haha
jemin An
jemin An Sep 02, 2021 10:05AM ET
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If FR delay to start TAPER and manage the bubble dollar liquidity Inflation surely will come and grab peoples anckle for a long time. This is ugly debt party.
sherif Saad
sherif Saad Sep 02, 2021 9:56AM ET
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Hi What do you mean "Jobless Data Fail to Damp Taper Hopes" Can you please elaborate? Sherif
NUNO LOUREIRO
NUNO LOUREIRO Sep 02, 2021 9:56AM ET
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The article before this one, says the jobless market falls and lay-off in 24 year low, this is more funny than going to the circus
 
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