Wall Street Opens Higher as Interest Rate Hike Fears Diminish

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NYSE
New York Stock Exchange

Friday’s weak jobs report caused stock prices to drop sharply amid concerns of a weakening economy. The Federal Reserve may have to hold off on a pending interest rate hike, which has markets rising again on Monday.

Interest rates are near-zero and are expected to remain at historic lows going into 2016.

Despite a weak jobs report, Eric Rosengren of the Boston Fed stated that he expects a rise in rates this year despite current reports.

All 10 sectors of the S&P 500 are up, with energy up 1.4% on Monday. The DJI is up 87 points on the day while the S&P 500 and NASDAQ are up 12.89 and 35.86 points respectively. Crude oil is up 2% on the day thanks to Russia’s announcement that the country will discuss the market with oil producers, expanding potential sales alternatives.

Chevron (CVX) and Exxon (XOM) stock are both up 1% on the news.

The third-quarter was difficult for many companies due to global economic uncertainty. Wall Street expected profit reports to drop 4.2% on the quarter, the biggest drop for S&P 500 companies in six years.

Several stocks are up on the day. General Electric (GE) is up 4.1%, Twitter (TWTR) is up 1.7% and Alphabet Inc.(GOOG) is up 0.2% on the day.

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