U.S. stocks fluctuated, while the dollar declined as weaker-than-estimated jobs data added to speculation that the Federal Reserve won’t be in a hurry to raise interest rates. Gold rose and oil climbed as Saudi Arabia raised prices for shipments to Asia.
The Standard & Poor’s 500 Index rose less than 0.1 percent at 9:58 a.m. in New York, after earlier falling 0.5 percent. The Bloomberg Dollar Spot Index slipped 0.3 percent, while the yield on 10-year Treasury notes was little changed near a two-month low. West Texas Intermediate crude jumped 2.1 percent to $50.17 a barrel and gold rose 1.6 percent. Stock markets were closed in western Europe on Monday.
U.S. payrolls trailed even the most pessimistic forecast, spurring speculation that the Fed will delay raising interest rates. New York Fed President William Dudley said the pace of rate increases is likely to be “shallow” once the Fed starts to tighten. While data signaling rates near zero for longer have previously been welcomed by American equity investors, concern is building that economic weakness will worsen the outlook for corporate profits.
U.S. exchanges were closed for the Good Friday holiday. The S&P 500 is 2.6 percent below its latest all-time high, set on March 2, after last week capping its ninth straight quarterly advance. Treasuries were little changed at 1.85 percent on Monday after yields on 10-year notes fell seven basis points in a shortened session on April 3.