us stocks end at records after strong jobs report
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

To fresh records Friday

US stocks end at records after strong jobs report

Egypt Today, egypt today

Egypt Today, egypt today US stocks end at records after strong jobs report

European stock markets built on earlier gains seen after the Bank of England
New York - Arab Today

A strong US jobs report lifted Wall Street stocks to fresh records Friday and helped propel European equities higher.

Both the broad-based S&P 500 and the tech-rich Nasdaq finished at all-time highs after the Labor Department reported a big gain in jobs in July and upgraded employment estimates for the prior two months.

Each of the major US indices rose about one percent including the Dow, which ended only 12 points away from a record of its own.

"The US economy may not be going gangbusters but it remains the best equity alternative of any worldwide index," said Michael James, managing director of equity trading at Wedbush Securities.

"The most important takeaway from a better jobs report is an indication of a continued grind higher in the US economy."

Meanwhile, the London stock market rose 0.8 percent to above 6,800 for the first time in 14 months, as European equities built on earlier gains seen after the Bank of England Thursday announced an interest rate cut and surprise stimulus in response to the British vote to leave the European Union.

Paris and Frankfurt both rose about 1.5 percent. 

The Labor Department said the US economy added 255,000 jobs in July, easily topping the analyst forecast for an increase of 185,000 payrolls. It also reported growth in hourly wages, a weak point in some earlier reports that have shown employment growth.

The strong report helped markets shrug off some lackluster US data of late, including a report a week ago that estimated second-quarter growth at just 1.2 percent.

"This was good economic data, replete with strong and relatively broad-based job growth, higher wage growth and an increase in the average workweek," said Briefing.com analyst Patrick O'Hare.

"The economy does appear to be stable and on a slightly more upwards trajectory," said David Levy, portfolio manager at Republic Wealth Advisors.

- Dollar rises -

The jobs report also boosts the odds of a Federal Reserve interest rate increase this year, but probably not before December, analysts said.

That expectation accentuated movements in the foreign exchange market following the British monetary stimulus, boosting the dollar at the expense of the euro and the pound.

"Hotter than expected wage growth was really the icing on the cake of the very strong data, which has pushed up the odds of the Fed raising lending rates in the months ahead," said Omer Esiner of Commonwealth Foreign Exchange.

Banking shares rallied on expectations of higher US interest rates. JPMorgan Chase gained 2.7 percent, Bank of American 3.9 percent and Citigroup 4.3 percent.

Technology shares were also generally higher, with Dow members Apple and IBM climbing 1.5 percent and 1.2 percent, respectively.

Bristol-Myers Squibb plunged 16.0 percent after announcing that a clinical trial of its Opdivo drug to treat lung cancer failed. The news boosted Dow member Merck, which has a competing drug, pushing shares up a hefty 10.4 percent.

- Key figures at around 2100 GMT -

New York - DOW: UP 1.0 percent at 18,543.53 (close)

New York - S&P 500: UP 0.9 at 2,182.87 (close)

New York - Nasdaq: UP 1.1 percent at 5,221.12 (close)

London - FTSE 100: UP 0.8 percent at 6,793.47 points (close)

Frankfurt - DAX 30: UP 1.4 percent at 10,367.21 (close)

Paris - CAC 40: UP 1.5 percent at 4,410.55 (close)

EURO STOXX 50: UP 1.4 percent at 2,973.71 (close)

Tokyo - Nikkei 225: DOWN less than 0.1 percent at 16,254.45 (close)

Shanghai - Composite: DOWN 0.2 percent at 2,976.70 (close)

Hong Kong - Hang Seng: UP 1.4 percent at 22,146.09 (close)

Euro/dollar: DOWN at $1.1087 from $1.1131 Thursday

Pound/dollar: DOWN at $1.3072 from $1.3114

Dollar/yen: UP at 101.79 yen from 101.22 yen

Source: AFP

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us stocks end at records after strong jobs report us stocks end at records after strong jobs report



GMT 16:10 2018 Friday ,14 December

Bahrain press headlines For 14 Dec 2018

GMT 11:24 2017 Wednesday ,15 March

Philippine vice president slams nation's drug war

GMT 07:38 2017 Thursday ,16 March

Nearly 100,000 Iraqis flee battle

GMT 08:13 2017 Thursday ,06 July

Nikolaos Pappas left Cairo on Thursday wrapping up

GMT 07:43 2017 Wednesday ,22 March

Hezbollah commander killed by own men

GMT 19:57 2017 Monday ,05 June

Tunisian expert accuses

GMT 14:52 2015 Saturday ,16 May

Paco Rabanne introduces Olympéa

GMT 14:19 2017 Thursday ,28 September

TAURUS (April21st-May21st)

GMT 10:16 2012 Thursday ,21 June

Brazilian president talks of torture

GMT 10:49 2012 Thursday ,01 March

World\'s most expensive restaurants
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday