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Wall St. ends up on views of rate hike holdoff

Tuesday, September 06, 2016 - 01:33

Stocks closed Tuesday's session slightly to the upside after economic data increased the view that the Fed would delay a rate hike. Bobbi Rebell reports.

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Wall Street moved higher in choppy trading on Tuesday after the Labor Day holiday. Technology and energy stocks helped boost the major indexes, but weak data in the services sector limited the gains. Peter Kenny, senior market strategist, Global Markets Advisory Group: (SOUNDBITE) PETER KENNY, SENIOR MARKET STRATEGIST, GLOBAL MARKETS ADVISORY GROUP, (ENGLISH) SAYING: "August was a weak month. And, if August was a weak month, that is fine, longer term, but in the near term it certainly dampens any expectations for a Fed moving rates in September." The U.S. economy's service sector expanded in August, but at a slower pace than in July, hitting a 6-1/2 year low. The fall from the previous month was the largest since the 2008 financial crisis. That according to the Institute for Supply Management or ISM's non-manufacturing index. Bayer has sweetened its bid for Monsanto and says talks are advancing. The German pharmaceutical and crop chemicals manufacturer is now willing to pay more than $65 billion for the world's largest seed company, an increase of two percent. Fox News will pay former anchor Gretchen Carlson $20 million to settle her sexual harassment lawsuit against the network's ousted chief Roger Ailes, a source familiar with the agreement said on Tuesday. Fox News' parent company, 21st Century Fox, publicly apologized to Carlson as well. European shares pulled back from their highest level since January. The major indexes closed Tuesday's session mixed.

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Wall St. ends up on views of rate hike holdoff

Tuesday, September 06, 2016 - 01:33