Sunday, April 14, 2024
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Dow Jumps 700 points




A good jobs report and the ratification of a debt ceiling pact that prevents a U.S. default buoyed the Dow Jones Industrial Averages on Friday, which was its best day since January.

The Dow Jones 30-stock index increased 701.19 points, or 2.18%, to close at 33,762.76. Increasing 1.45% to close at 4,282.37, the S&P 5000 index. During the session, the Nasdaq Composite rose 1.07% to 13,240.77, hitting its highest level since April 2022.

The S&P 500 and Nasdaq ended the holiday-shortened trading week with gains of approximately 1.8% and 2%, respectively, thanks to Friday’s advances. The Dow’s Friday gain brought it into the black for the week, ending up almost 2%. The Nasdaq had its sixth consecutive week of gains, the longest winning streak for the heavily weighted technology index since 2020.

The 339,000 increase in nonfarm payrolls in May was substantially higher than anticipated. A comparatively modest gain of 190,000 was what economists surveyed by Dow Jones had predicted. It was the 29th consecutive month of rising employment.

The recent release of solid job data put pressure on stocks on the assumption that the Federal Reserve would continue to raise interest rates as a result. The average hourly wage increased less than anticipated year over year, according to figures released on Friday, but the jobless rate was greater than anticipated.

According to Terry Sandven, chief equities strategist at U.S. Bank Wealth Management, these data sets have given investors hope that the Fed would decide to hold off on raising interest rates at the policy meeting later this month.

Source (CNBC)




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