Wall Street jumps into Labor Day weekend
Major stock indexes advance; S&P 500, Nasdaq gain >1%
All S&P sectors end green; cons disc enjoys biggest advance
Dollar gains; gold dips; bitcoin drops >1%; crude slides >3%
U.S. 10-year Treasury yield rises to ~3.91%
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WALL STREET JUMPS INTO LABOR DAY WEEKEND
U.S. stocks crossed the finish line with a flourish on Friday, sending market participants off on their three-day holiday weekend with solid gains and closing the book on a tumultuous week, month and summer.
Indexes spent the session jumping from green to red and back, exhibiting the sort of volatility the markets have shown all week amid light volume, pre-holiday trading.
For the week, the S&P 500 and the Dow managed to eke out gains, while the Nasdaq snapped its two-week winning streak.
Markets also capped a month that began with a surprisingly soft jobs report, which prompted a steep sell-off, and was quickly followed by an abrupt recovery.
August also saw a clear pivot in Fed rhetoric in Chair Jerome Powell's speech to the Jackson Hole Economic conference, has all but cemented expectations that the central bank will kick off its rate cutting phase at its September policy meeting.
In August, all three indexes advanced, with the S&P 500 and the Dow logging their fourth consecutive monthly gains.
The Commerce Department's Personal Consumption Expenditures report showed that although inflation is nearing the Fed's 2% goal, and consumer spending growth is robust, the saving rate is falling amid paltry disposable income growth.
Clear outperformers on the day include consumer discretionary .SPLRCD (powered by Amazon.com's AMZN.O 3.7% jump) and semiconductor stocks .SOX.
Next week, while holiday-shortened, is jam-packed with high profile data, including ISM PMI, international trade, the JOLTS report, ADP, and Challenger layoffs, culminating on Friday with the Labor Department's August jobs report.
Analysts expect the report to show the economy added 165,000 jobs, the unemployment rate inched down to 4.2%, and average hourly wage growth heated up on monthly and annual bases to 0.3% and 3.7%, respectively.
Here's your closing snapshot:
(Stephen Culp)
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FOR FRIDAY'S OTHER LIVE MARKETS POSTS
BEARS GROWL, BUT SENTIMENT REMAINS "UNUSUALLY HIGH" - AAII - CLICK HERE
HARRIS ODDS PLATEAU ON PREDICTIT; TRUMP MEDIA HITS RECORD LOW - CLICK HERE
GIVE PCE A CHANCE: FRIDAY DATA ROUNDUP - CLICK HERE
LAST UNOFFICIAL TRADING DAY OF SUMMER KICKS OFF WITH FED-FRIENDLY DATA CLICK HERE
NORTH ASIAN STOCKS SHOULD DO BETTER UNDER HARRIS THAN TRUMP CLICK HERE
BET AGAINST THE TIDE: STRUGGLING SMALL, MIDCAPS SET FOR COMEBACKCLICK HERE
WILL THE EURO BECOME A LOW-YIELD CURRENCY GOOD FOR CARRY? CLICK HERE
WEAK START AHEAD BUT STOXX RECORD JUST IN REACH CLICK HERE
BRING ON THE RATE CUTS CLICK HERE
AAII investor sentiment https://reut.rs/4e4nrl0
Closing snapshot https://reut.rs/3XpFT2a
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