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Jobs data to be a big deal for record-high US stocks


08-29-2016 11:32 BJT

Wall Street will fixate on a wave of US economic data this week.

Fresh data about employment and consumer confidence could help investors solidify expectations for a December interest rate hike from the US Federal Reserve. Fed Chair Janet Yellen said the case for a rate hike is strengthening.  But she left open the timing of what would be the first increase since December 2015.

Following Yellen's speech, prices for fed funds futures implied investors see roughly a 60 percent chance of a December hike.  That's up from just above 50 percent on last Thursday. Investors see chances of a September hike at 36 percent, up from 21 percent. The S&P 500 fell last Friday for the fifth time in six sessions, but is just 1 percent below its record high set earlier this month.

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