NEW YORK – Wall Street stock indices powered to fresh records Sept 9, shrugging off disappointing jobs data amid expectations that it will lead to lower US Federal Reserve interest rates.
All three major indices finished at all-time highs, with the Dow Jones Industrial Average up 0.4 per cent at 45,711.34.
The broad-based S&P 500 rose 0.3 per cent to 6,512.61, while the tech-rich Nasdaq Composite Index advanced 0.4 per cent to 21,879.49.
The records came as the US Labour Department estimated that 911,000 fewer jobs were created in the United States than previously reported in a revision to data for the 12 months ending in March.
The figures suggest the job market has been slowing for longer than previously thought, further bolstering the odds of Federal Reserve interest rate cuts following poor monthly reports for July and August.
“For this market, bad economic news means good news on the rate cut front,” said Briefing.com analyst Patrick O’Hare. “And so that kind of provides this layer of support as market participants not only expect the Fed to cut rates in September, but again, in October and December.”
Markets are poised to receive fresh updates in the coming days on producer and consumer prices that will also play a role in Fed monetary policy.
Among individual companies, Apple dropped 1.5 per cent as it unveiled its iPhone 17 lineup, featuring its thinnest smartphone ever, as the tech giant faces pressure to prove it can keep pace in the generative AI race.
UnitedHealth Group surged 8.7 per cent after disclosing that 78 per cent of its membership is enrolled in Medicare Advantage plans rated four stars or higher, positioning the company for government bonus payments. AFP