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Market Update

U.S. Hiring Rebounded in September, Gasoline Prices Head Lower


Author: Nichole Harper
ticker.com
Last Update: 1:40 PM ET October 03 2014

1:40 PM New York – U.S. jobs rebounded in September and unemployment rate dipped to 5.9%. On Wall Street, indexes advanced and the dollar gained against the Japanese yen and the euro. Gasoline prices at U.S. pump stations are down 10% from the high in the year.

U.S. employers added 248,000 jobs in September, the Labor Department reported today.

The department said according to a separate sampling survey the unemployment rate declined to 5.9% from 6.1% in August. The jobless rate was the lowest since July 2008.

S&P 500 index increased 0.9% or 18.13 to 1,964.30 and the Nasdaq Composite Index increased 1.1% or 49.34 to 4,479.41.

The dollar continued its advance and the euro eased 1% to $1.2536 and the dollar gained 0.9% to 109.34 yen.

The latest jobs report was ahead of expectations and economists were looking for net new job addition of 215,000.

Gasoline Prices Decline to $3

Gasoline prices are heading lower at pump stations across the U.S. and regular gasoline slid to $3.328 a gallon October 1, a drop of 10% from the high in the year according to Florida-based AAA.

The association also said at least one station was selling gas for $3 or less in 27 states on the date of the survey. Retail gas prices declined 9% in the third quarter according to AAA.

The association said that the nation’s average is expected to drop to $3.10 before the end of the year.

U.S. Stock Movers

Airline stock climbed after crude oil futures fell for the fourth day in a row and declined 90 cents to $90.11.

United Continental Holdings increased 5% to $48.31 and American Airlines Group Inc added 4% to $35.41. JetBlue Airways Corp added 5% to $11.15.

Resource sector stocks declined after commodities prices declined for the third week in a row. Precious metals price dropped and gold declined 1.8% or $22.20 to $1.192.90.

BHP Billiton declined 3% to $53.03 and Rio Tinto plc dropped 2.9% to $47.52.

Cliff Natural Resources plunged 14% to $8.48 after Nomura Holdings lowered its view on the stock equivalent to ‘sell.’

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc