Stocks ends lower, September payroll way lower than estimate dragging the market down

The blue-chip index ended the week with a gain of around 1.8 percent, its largest weekly gain since July. Consumer spending held up better than predicted in September, despite recent price hikes and lingering virus-related effects, according to a new study from the Commerce Department.

During the pre-market session, shares of large bank companies such as Bank of America, Citigroup, and Morgan Stanley rose. The equities had risen the day before after major banks reported third-quarter earnings that were far better than expected. Before the opening bell on Friday morning, Goldman Sachs (GS) revealed considerably stronger-than-expected earnings, propelling its stock sharply higher.

Investors’ concerns about a sudden drop in corporate profits have been eased by this week’s early batch of stronger-than-expected quarterly results, even as expenses climb for corporations across industries in the face of higher material and labor costs.

The market wrapped at:

• NASDAQ Composite Index gained by 0.50% or 73.91 points and wrapped at 14,897.34.
• The S&P 500 Index went up by 0.75% or 33.11 points closing at 4,471.37.
• The Dow Jones Industrial Average moved higher with 1.09% or 382.20-point gain, to end at 35,294.76.
• U.S. 5 Year Treasury yield gained 0.075 basis points and now at 1.127.
• U.S. 10 Year Treasury yield went up by 0.060 basis points closing 1.574.
• U.S. 30 Year Treasury yield stepped up by 0.029 basis points at 2.046.

Metal pulled back while oil continues to rise:

• Gold moved down by $28.50 or 1.59% and is now at $1,767.475 per ounce.
• Silver decreased by $0.2088 or 0.89% to $23.3085 an ounce.
• Western Texas Intermediate Crude is currently at $82.28 a barrel gaining 0.97%.
• Brent Crude closed at $84.86 per barrel after increasing by 0.86%.

International currencies ended mixed, but mostly up:

• Euro / USD = +0.00019 (0.02%) = 1.16000
• USD / Yen = +0.565 (0.50%) = 114.200
• GBP / USD = +0.0077 (0.56%) = 1.3749
• AUD / USD = +0.0067 (0.09%) = 0.74210
• USD / CAD = -0.00006 (0.00%) = 1.23660

For more updates in finances and stock market visit us at Elite Capital International Limited’s website or you may also contact us thru our email immediately.