Market closes higher; stocks extend gains from last week

Market traded with majority of the stocks higher on the opening session of the week, extending advances from last week and setting fresh record levels while waiting for new economic prints to be released.
 
SHEUNG WAN, Hong Kong - Sept. 27, 2021 - PRLog -- NASADAQ and S&P 500 both refreshed their high records and intraday highs, while the Dow slipped after being dragged by the shares of Boeing and American Express.

This was brought by the positive news from the central bank's Jackson Hole symposium, in which the Federal Reserve announced their stance that the monetary policies will not be immediately removed.

Fed Chair Jerome Powell stated that removing the policy in the wrong timing could potentially harm the economic recovery, hence the central bank will be waiting for further progress on the recovery and make sure that it's steady before any tapering will be made on the highly accommodating asset purchase program that helped equities to stay afloat on the pandemic era. Still, he indicated that adjustments on the purchase program will be in place so long as the recovery continues on its positive trend.

Traders will be receiving more prints on the labor market this week which will indicate how things fared while the delta variant continues to rampage.  The Labor Department's jobs report for August is set to be released on Friday, which is being viewed and expected by economists to drop to 750,000, which will represent the growth of the payrolls for 8 consecutive months, albeit the growth will be lower compared to July's 943,000 jobs.

Significant moves on stocks are listed as such:
  • The Dow Jones Industrial Average down by 0.16% or 55.96 points and at 35,399.84.
  • S&P 500 Index increased by 0.43% or 19.43 points and currently at 4,528.00.
  • NASDAQ Composite Index jumped to 15,265.89 after gaining 136.39 points or 0.90%.
  • Yield on 10 Year Treasury dropped to 1.2800%.
  • Gold up by $5.335 or 0.29% and now at $1,815.695 an ounce.
  • Crude down by $0.14 or 0.20% and closed at $69.07 per barrel.
This report will be a key factor in determining the next move of the Federal Reserve for the monetary policy. Many of the hawkish Feds are gunning on changing the policy as soon as possible, especially if the jobs report will have a strong showing. The meeting for policy-setting of the Feds is scheduled on the 21st and the 22nd of September.

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