Wall Street climbs on strong private jobs data, oil gains

Wall Street climbs on strong private jobs data, oil gains

marketsNews
(Reuters) - The three major U.S. stock indexes added to their recent record run on Wednesday, as energy shares gained from a jump in oil prices and financials rose after strong private jobs data. JPMorgan (JPM.N) and Bank of America (BAC.N) rose about 1 percent, while Goldman Sachs’ (GS.N) 1.5 percent increase gave the biggest boost to the Dow. The rise was also supported by Facebook’s (FB.O) 1.4 percent gain ahead of its earnings report. U.S. private employers hired 235,000 workers in October, the most since March and exceeding a median forecast of 200,000 among economists polled by Reuters, the ADP National Employment Report showed. “We’re in a very positive environment,” said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey. “Economic data and earnings continue to remain…
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Wall Street drops as Disney, Macy’s lead rout in consumer stocks

Wall Street drops as Disney, Macy’s lead rout in consumer stocks

businessNews, In the News
(Reuters) - U.S. stocks fell on Wednesday as weak earnings reports from Walt Disney, Macy's and Fossil reverberated across the consumer sector. Disney (DIS.N) shares were down 4.5 percent at $101.82 after the company posted a rare earnings miss. The stock was the biggest drag on the Dow, accounting for about 33 points of the index's 80 points fall. Department store chain Macy's (M.N) tumbled 12 percent to $32.58, while Fossil (FOSL.O) sank as much as 34 percent to a six-and-a-half year low of $26.51 after the two companies slashed their full-year forecasts. Nine of the 10 major S&P sectors were lower, led by the consumer discretionary index's .SPLRCD 1.42 percent drop. The index was on track for its biggest one-day fall in three months. The broader S&P retail index…
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Fed’s Kashkari says current U.S. interest rates ‘about right’

Fed’s Kashkari says current U.S. interest rates ‘about right’

businessNews, In the News
Minneapolis Federal Reserve Bank President Neel Kashkari on Monday signaled his support for the cautious and patient approach to rate hikes laid out by Fed Chair Janet Yellen, saying the current stance of monetary policy is "about right."   While a rate hike in June is "possible," Kashkari sounded happy to keep rates low for now in order to continue bringing workers who have not worked in months or years back into the labor force.   "To me, just looking at the raw data, it says we should be accommodative, and I think we have this other societal need that we should be accommodative, because if we can keep people from being lost permanently, boy that’s a real positive for society," Kashkari said in an interview in his bank's cafeteria…
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