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TORONTO Canada s main stock index slumped after setting a record intraday high to start the trading week while the Dow Jones industrial average surpassed 35,000 for the first time. The S&P/TSX composite index closed down 110.86 points to 19,361.88 after hitting an intraday high of 19,543.88. In New York, the Dow Jones industrial average lost 34.94 points at 34,742.82 after peaking at 35,091.56. The S&P 500 index was down 44.17 points at 4,188.43, while the Nasdaq composite was down 350.38 points, or 2.6 per cent, to 13,401.86. The market is catching its breath after a full week of data, said Craig Fehr, investment strategist at Edward Jones. Weakness in the technology sector led the Nasdaq lower and pushed Canada s tech sector down more than 2,8 per cent Monday amid a rotational shift to cyclical and value sectors.
Consumer Cos Up On Volatile Session, Amid Inflation, Overheating Concerns Consumer Roundup
05/06/2021 | 05:29pm EDT
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Required fields Shares of retailers and other consumer companies rose in a volatile session as investors shifted from optimism about economic growth to fears about overheating. Worker filings for unemployment benefits in the U.S. reached a new low since the Covid-19 pandemic began more than a year ago, with new jobless claims falling 92,000 last week to 498,000, the Labor Department reported. Restaurants including KFC, Wingstop and Buffalo Wild Wings have warned of rising costs for scarce poultry, with some locations running out of or limiting sales of tenders, fillets and wings, cutting into some of their most reliable sales. The price of chicken breasts has doubled for the year to date, while chicken wings are selling for record high wholesale prices. One strategist said the spike in product prices could co-exist with higher s
US stocks rise to new records despite weak jobs report
Erik Pendzich/Shutterstock
Bad economic news was once again greeted with cheers on Wall Street as two top indexes closed out the week in record territory. Investors brushed off Friday’s surprisingly weak jobs report, which showed far fewer jobs were added last month than expected.
The Dow gained about 230 points Friday. It and the S&P 500 both rose nearly 1% on the day to all-time highs, and the Nasdaq also finished up about 1% as big tech stocks bounced after a recent stretch lagging the broader market.
For the week, the Nasdaq was still down 1.5%. The S&P 500 and Dow gained 1.2% and 2.7% respectively over the week.
US stocks rise despite weak jobs report
Bad economic news was once again greeted with cheers on Wall Street. Investors brushed off Friday’s surprisingly weak jobs report, which showed far fewer jobs were added last month than expected.
The Dow and the S&P 500 both rose to new all-time highs Friday, and the Nasdaq was up nearly 1% as big tech stocks bounced after a recent stretch lagging the broader market.
For the week, the Nasdaq is still down 1.6%. The S&P 500 and Dow have gained 1.2% and 2.6% respectively over the past five days.
The jobs report also showed that the unemployment rate ticked up and wages surged. The jump in worker paychecks may not seem like a bad thing, but it tends to set off alarm bells about inflation. And many economists are worried inflation is due to come roaring back because of all the stimulus from Washington.