Wall St. climbs as weak private jobs data boosts hopes for a rate cut
NEW YORK - Wall Street’s major indexes rose on Wednesday as investors bet on a Federal Reserve interest rate cut after weak private sector jobs data and hopes grew that the United States and Mexico would reach an agreement to avoid U.S. tariffs on Mexican goods.
The data comes ahead of more comprehensive nonfarm payrolls data from the Labor Department due out on Friday. A Mexico deal “would alleviate one of the risks that lurk out there,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia who also cited the prospects of rate hike cuts.
But a rally with defensive sectors outperforming more cyclical sectors made Janney Montgomery Scott’s Luschini wary. The energy sector slipped 1.1%, making it the only S&P sector in the red, as crude prices fell sharply. Advancing issues outnumbered declining ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.34-to-1 ratio favored decliners.
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