Thursday, 09 July 2020
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Wall Street flat after jobs data, China stimulus plan

U.S. stocks treaded water on Friday as underwhelming jobs data rounded off a week of mixed economic signals about the domestic economy, while a new stimulus plan from China helped ease some concerns around global growth.

Global markets inched higher after China's central bank said it would slash the amount of cash that banks must hold as reserves, releasing a total of 900 billion yuan ($126.35 billion) in liquidity.

Slower-than-expected payroll growth in August hinted at a slowing U.S. economy, helping cement expectations of an interest rate cut by the Federal Reserve later this month.

The Labor Department's nonfarm payroll data showed that the economy added 130,000 jobs in August, below expectations of a gain of 158,000, according to a Reuters survey of economists.

At 10:54 a.m. ET the Dow Jones Industrial Average was up 80.04 points, or 0.30%, at 26,808.19, the S&P 500 was up 7.22 points, or 0.24%, at 2,983.22 and the Nasdaq Composite was up 16.94 points, or 0.21%, at 8,133.77.

Source : Reuters

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