|09-07-2014, 02:25 AM||#1|
Wall Street edges lower after weak jobs report
Wall Street opened lower on Friday, as a surprisingly disappointing jobs report signaled a slowdown in the labor market, which had an effect greater than speculations on low interest rates for a longer time.
The U.S. economy added 142,000 jobs in August, the smallest gain since December, and well below estimates for 230,000.
U.S. stock futures cut losses shortly after the data was released, with benchmark indices turning positive for a brief time, as some investors saw it as a calming indicator about the tuimeline of the imminent rate hike by the Federal Reserve.
With Friday’s looming loss, benchmark indices have fallen for three out of the last five sessions, and on track for the first weekly loss in five weeks.
-The Dow Jones Industrial Average fell 0.20% or 33.81 points to 17035.70
-The S&P 500 index fell 0.22% or 4.42 points to 1993.23
-The NASDAQ Composite fell 0.26% or 11.88 points to 4550.82 . As of 10:37 a.m. ET
The dollar fell against the currencies of major U.S. trading partners; the yield on the 10-year Treasury fell 5 basis points after the payrolls data and was lately down 2 basis points at 2.430%
On Thursday, stocks erased record-setting gains, turning lower in a late-session shift as cheer over the European Central Bank`s unexpected rate cut faded, a day ahead of the monthly payrolls report.
Pro-Russia separatists and Ukraine meeting in Minsk on Friday agreed on a conditional cease-fire just hours after NATO approved plans for a new rapid response forces to counter future Russian interference in eastern Ukraine.
Ukrainian President Petro Poroshenko, who announced the agreement to reporters in Wales and on his official web site, said he had ordered Ukrainian forces to cease military activities at 6 p.m. Ukrainian time Friday (10 a.m. ET.)
Alexander Zakharchenko, head of the self-proclaimed Donetsk People`s Republic, the main separatist group, said in a statement his forces would also order a ceasefire after a peace plan is signed, Reuters reports. Rebel leaders also confirmed the agreement on Twitter, the Associated Press reports.
Speaking to reporters at the NATO summit , Poroshenko said the cease-fire was conditioned on the signing of a new peace deal that would end the five-month war in eastern Ukraine. He said both sides have signed a preliminary protocol at the meeting in Belarus to start a ceasefire.
A protocol on a 14-point peace will includes "all aspects of control and prisoner exchange," the Interfax-Ukraine news agency reports, quoting source close to the negotiations in Minsk.
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