Dow Ends Flat, Sells Off From Session Highs; All Eyes on Friday Jobs Report

The Dow Jones Industrial Average ended the trading session flat after giving up all of its morning gains which is being seen as a huge negative. It is imperative to state that the equity markets had witnessed a huge rally in the overnight session. The sell off from the session highs was seen as a huge negative as is indicative of the strong selling pressure present at higher levels. The dollar witnessed a huge rally during the trading session on the back of the strong economic reports released during the trading session and on the back of the statements made by ECB President Mario Draghi.

It was reported today that more Americans applied for unemployment benefits last week but applications continue to remain at historically low levels which is a positive sign for the US economy amidst a broader global slowdown. It was also reported today that US service companies expanded at a healthy pace in August, lifted by robust consumer spending which are a direct result of a steady job market. According to a report released by the Institute for Supply Management, it said that its services index slipped to 59 from a reading of 60.3 in the previous month. It is important to point towards the fact that July’s reading was the highest since August 2005.

The US labour department would be releasing its official jobs report on Friday for the month of August. Many expect the US economy to add close to 220,000 jobs in the previous month and the unemployment rate to fall to 5.2 percent. This report would be closely tracked by traders and investors alike, as it would provide an early indication into whether or not the Federal Reserve hikes interest rates for the first time in over seven years at its September meeting scheduled to be held of 15th and 16th

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