Investors Worried About Economic Slowdown, Wall Street Stays Higher

Wall Street (Photo: Reuters via ANTARA)

JAKARTA - Wall Street's main stock index settled higher at the end of trading Thursday (Friday morning WIB), as investors worried about the economic slowdown assessed the shape of the US labor market and focused on key work data to come.

The Dow Jones Industrial Average index was boosted by 2.57 points or 0.01 percent, to settle at 33,485.29 points. The S&P 500 index increased by 14.64 points or 0.36 percent, ending at 4,105.02 points. The Nasdaq Composite Index rose 91.10 points or 0.76 percent, to close at 12,087.96 points.

Eight of the 11 main sectors of S&P 500 end up in the green zone, with the communication services and utilities sectors rising 1.71 percent and 0.74 percent, respectively, surpassing others. Meanwhile, the energy sector slumped 1.47 percent, being the sector with the worst performance.

Wall Street has weakened in recent days in response to signs of economic slowdown, including weak data on private payroll and job vacancies earlier this week.

That marks a change from the last few months, when investors welcomed weak economic data on the basis that it might mean the Fed's rate hike was successful and that the Fed could loosen its campaign to control high inflation for decades.

Quoted from ANTARA, the US Department of Manpower reported Thursday, April 6, the number of Americans who applied for an unemployment allowance reached 228,000 in the week ended April 1, down 18,000 from the revised level up the previous week at 246,000. Readings exceed the consensus of 200,000 analysts.

On Wednesday, April 5, payroll service firm ADP said that US private payroll rose 145,000 in March, down from an increase of 261,000 in February and well below economists' estimates of 210,000.

Investors are now focusing on a more comprehensive US employment situation report for a tighter-supervised March, which will include employment data from the private sector and the government, which is scheduled to be released on Friday local time.

The US stock market will close on Friday, April 7, to celebrate Good Friday. For the shortened trading week, the Dow index rose 0.6 percent, the S&P 500 lost 0.1 percent, and the tech-intensive Nasdaq fell 1.1 percent.