Wall Street closes higher after weaker US jobs report

The Dow Jones was up 0.6% at 51,240 points shortly after the New York open on 2 October. The S&P 500 gained 0.8% to 7,729, while the Nasdaq rose 1.2% to 27,204, ANP reported. [1]

US employers added 29,000 jobs in September, well below the 90,000 economists had expected. Unemployment was 4.2%. August’s job growth was revised down, and a previously reported increase in July was revised to a decline. [1]

The Federal Reserve is due to make another interest-rate decision later in October. Most economists expect it to leave rates unchanged, ANP reported. [1]

Nike was among the early losers, falling more than 6%. Its quarterly revenue declined 4%, and the company expects sales to fall by 5% to 10% over the full financial year, particularly because of weakness in China. It also plans further job cuts. [1]

Tesla gained almost 4% after third-quarter vehicle deliveries beat expectations. Oil prices fell by as much as 3.4% amid reports about a European release of strategic reserves, with Brent briefly dipping below $100 a barrel. [1]

Update

US shares closed higher on Friday after September’s employment growth came in weaker than expected. The Nasdaq rose 1.2% to 27,190.86, the S&P 500 gained 0.7% to 7,722.72, and the Dow Jones climbed 0.5% to 51,176.96, ANP reported. [2]