US markets end higher as investors bet Fed to lower interest rates again

04 Oct 2019 Evaluate

The US markets ended higher on Thursday on account of bargain hunting, with traders picking up stocks at reduced levels following recent weakness. The strength that emerged on markets was also as investors bet that signs this week of a slowing economy will prompt the Federal Reserve to lower interest rates for the third time this year at its late October meeting. On the economic front, after reporting a sharp increase in new orders for US manufactured goods in the previous month, the Commerce Department released a report showing a slight pullback in factory orders in the month of August. The Commerce Department said factory orders edged down by 0.1 percent in August after surging up 1.4 percent in July. Street had expected orders to dip by 0.2 percent. The modest decrease in factory orders came as a 0.3 percent decline in orders for non-durable goods more than offset a 0.2 percent uptick in orders for durable goods.

Besides, the Institute for Supply Management (ISM) released a report showing growth in the US service sector slowed by more than anticipated in the month of September. The ISM said its non-manufacturing index dropped to 52.6 in September after climbing to 56.4 in August. While a reading above 50 still indicates service sector growth, the index has been expected to show a more modest dip to 55.0. With the much bigger than expected decrease, the non-manufacturing slumped to its lowest level since hitting 51.8 in August of 2016. Meanwhile, a day ahead of the release of the more closely watched monthly jobs report, the Labor Department released a report showing a modest increase in first-time claims for US unemployment benefits in the week ended September 28. The report said initial jobless claims rose to 219,000, an increase of 4,000 from the previous week's revised level of 215,000. Street had expected jobless claims to inch up to 215,000 from the 213,000 originally reported for the previous week.

Dow Jones Industrial Average surged 122.42 points or 0.47 percent to 26201.04, Nasdaq gained 87.02 points or 1.12 percent to 7872.27 and S&P 500 was up by 23.02 points or 0.80 percent to 2910.63.

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