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The US stock markets closed mixed as investors considered a weak August jobs report.
The US added 235,000 payrolls to its workforce in August, which was well below the median estimate of 733,000.
Some strategists believe that the Fed will delay its timeline to taper asset purchases because of the report.
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The US stock markets closed mixed as investors thought about how the Fed's worse-than-expected jobs report would impact its timeline for reducing stimulus measures.
In August, the US added 235,000 jobs to its payrolls. This was far below the median estimate of 733,000 additional jobs. The unemployment rate dropped to 5.2%, from 5.4% in August. These numbers match the estimates. This month showed the impact of the coronavirus Delta version on the labor market recovery.
The report's impact on when the Federal Reserve will begin to reduce its bond-buying program is the main focus.
"We believe that today's Federal Reserve report should give doves on its board, essentially, where we think the Chair resides, some fodder to postpone a tapering. Though we think this would prove to be a mistake," Rick Rieder, BlackRock’s CIO global fixed income and head global allocation investment team, said.
Here are the US indexes at 4 p.m. ET closes Friday
"Friday's weaker than expected jobs put less pressure on Fed to taper its stimulative, which is likely provide a short-term boost to stocks. Jay Pestrichelli CEO of investment firm ZEGA Financial stated that the stock market loves stimuli and any indications that the Fed will not reduce its stimulus is good news to investors.
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West Texas Intermediate crude oil fell 1.07%, to $69.24 per barrel. Brent crude oil, the international benchmark for oil, fell 0.3% to $72.57 a barrel.
Gold rose 1.13% to $1,831 an ounce.
