Market Snapshot: Dow ends nearly 300 points higher, with investors mulling Fed move after drop in job openings

by | Aug 29, 2023 | Stock Market

U.S. stocks closed sharply higher Tuesday, posting the third consecutive trading day of gains, following July job openings data that added more evidence of a cooling labor market and potentially more support for an eventual easing of interest-rates by the Federal Reserve. How stocks traded
The S&P 500
closed up 64.32 points, or 1.5%, to 4,497.63

The Dow Jones Industrial Average
finished 292.69 points, or 0.9% higher at 34,852.67

The Nasdaq Composite ended up 238.63 points or 1.7%, to 13,943.76

On Monday, the Dow Jones Industrial Average rose 213 points, or 0.62%, to 34,560, the S&P 500 increased 28 points, or 0.63%, to 4,433, and the Nasdaq Composite gained 114 points, or 0.84%, to 13,705.

What’s driving markets Stocks posted the third consecutive day of gains in an otherwise downbeat trading month for August. New numbers showed job openings in July retreating to a 28-month low while fewer workers were quitting. Job listings dropped to 8.8 million, lower than the forecast of 9.5 million. Meanwhile, 3.5 million people quit their jobs in July, the lowest level in over two and a half years — a sign that job seekers are getting more cautious. Consumer confidence also fell in August, dropping to 106.1 from 114, according to the Conference Board. Compared to July, slightly fewer people in August are saying jobs are “plentiful,” while slightly more people are saying a new job is “hard to get.” The data increased the chances that the Federal Reserve will ease off on any additional interest-rate hikes. “Today’s JOLTS data show that the Great Resignation has come to an end and the path toward a soft landing …

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