The US markets ended higher on Friday as upbeat non-farm payroll data helped offset concerns about Middle East tensions and prompted investors to indulge in some brisk buying at several counters from across various sectors. The Dow posted a record closing high and the Nasdaq ended with a more than 1% gain. Data from the Labor Department showed that non-farm payroll employment jumped by 254,000 jobs in September after climbing by an upwardly revised 159,000 jobs in August. Street had expected employment to rise by 140,000 jobs compared to the addition of 142,000 jobs originally reported for the previous month. The report also showed the unemployment rate edged down to 4.1 percent in September from 4.2 percent in August. Street had expected the unemployment rate to remain unchanged. The stronger than expected jobs growth eased concerns about the economic outlook, but dashed hopes of aggressive rate cuts in the coming months.
Following the jobs data, CME Group's FedWatch Tool is indicating a 91.2% the Fed will lower rates by a quarter point in November and just a 8.8% chance of another half point rate cut. The stronger than expected jobs data has raised grounds for an argument for a smaller rate cut at the next Fed decision in November. The Fed kicked off a monetary easing cycle last month with a 50 basis point rate cut. On the sectoral front, The S&P energy index tab rose 1.1% on the day along with higher oil prices. Meanwhile, the next week will bring closely watched inflation data and minutes from the Federal Reserve’s September policy meeting. A handful of major corporate earnings reports are also due.
Dow Jones Industrial Average surged 341.16 points or 0.81 percent to 42,352.75, Nasdaq rose 219.37 points or 1.22 percent to 18,137.85 and S&P 500 was up by 51.13 points or 0.90 percent to 5,751.07.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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