Cyclicals Beat Tech in Run-Up to Key Jobs Report: Markets Wrap
- U.S. probably added 725,000 jobs in August, economists predict
- Bostic says Fed to let economy run until it sees inflation
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Stocks rose ahead of a key jobs report that will shape bets on the path of interest rates and the Federal Reserve’s massive bond-buying program. The dollar retreated.
The S&P 500 closed at a fresh record, with energy and industrial shares among the biggest gainers. Technology underperformed. The U.S. probably added 725,000 jobs in August -- a more moderate pace compared to each of the prior two months, but stronger than gains seen early this year. Atlanta Fed President Raphael Bostic said “we’re going to let the economy continue to run until we see signs of inflation,” before stepping in on rates.