NEW YORK, Sept 1: With renewed optimism of a Federal Reserve interest rate cut, Wall Street will begin a holiday-shortened week Tuesday with eyes turned toward a labour market report.
The major indices ended relatively flat after a week of volatile trading.
The Dow Jones Industrial Average fell 0.16 per cent from the prior week to finish at 13,357.74 points Friday while the tech-rich Nasdaq rose 0.76 per cent to 2,596.36 points.
The broad market Standard & Poor's 500 index ended 0.36 per cent lower than a week ago, at 1,473.99 points.Bonds gained on the market turbulence.
The yield on the 10-year Treasury bond fell to 4.537 per cent Friday from 4.633 per cent a week earlier, and that on the 30-year Treasury dropped to 4.831 per cent from 4.897 per cent. Bond prices and yields move in opposite directions.
The market continued weeks of turbulence due to a credit crunch that originated in the high-risk subprime mortgage sector, where lenders offer home loans to people with shaky credit.—AFP
