iStockAll three major US stock indexes opened higher Friday, as markets digested stronger-than-expected job creation figures which underscore the persistent strength of the US economy.
Job creation in the United States remains strong despite an aggressive campaign by the Federal Reserve to suppress demand through interest-rate hikes in order to lower above-target inflation.
The Dow Jones Industrial Average rose 1.1 percent shortly after trading started, to 33,414.38.
The broad-based S&P 500 jumped around 1.0 percent to 4,263.35, while the tech-heavy Nasdaq Composite Index jumped by close to 1.1 percent to 13,246.12.
The United States added 339,000 jobs last month, according to the Labor Department, defying economists' forecasts and building on revised gains of 294,000 in April.
But the unemployment rate jumped by more than expected to 3.7 percent, which was one reason why the market reaction "hasn't been so horrible," Karl Haeling from LBBW told AFP.
Markets are also still digesting Thursday's comments by two key Fed officials in which they suggested they could back a pause in interest-rate hikes later this month, he said.
A final factor behind the buoyant markets could be the passage of a bipartisan bill to suspend the debt ceiling and avert a US debt default, according to Haeling.
Job creation in the United States remains strong despite an aggressive campaign by the Federal Reserve to suppress demand through interest-rate hikes in order to lower above-target inflation.
The Dow Jones Industrial Average rose 1.1 percent shortly after trading started, to 33,414.38.
The broad-based S&P 500 jumped around 1.0 percent to 4,263.35, while the tech-heavy Nasdaq Composite Index jumped by close to 1.1 percent to 13,246.12.
The United States added 339,000 jobs last month, according to the Labor Department, defying economists' forecasts and building on revised gains of 294,000 in April.
But the unemployment rate jumped by more than expected to 3.7 percent, which was one reason why the market reaction "hasn't been so horrible," Karl Haeling from LBBW told AFP.
Markets are also still digesting Thursday's comments by two key Fed officials in which they suggested they could back a pause in interest-rate hikes later this month, he said.
A final factor behind the buoyant markets could be the passage of a bipartisan bill to suspend the debt ceiling and avert a US debt default, according to Haeling.
Friday, 02 Jun, 2023Experience Your Economic Times Newspaper, The Digital Way!
- Front Page
- Pure Politics
- ET Markets
- Smart Investing
- More
GST Kitty Swells, Factory Activity Hits 31-Mth HighData released Thursday indicated India’s sustained economic momentum at the start of the new fiscal year, with goods and services tax (GST) collection growing at a rapid clip in May as manufacturing activity hit a 31-month high in the month. Vehicle and fuel sales backed up the trend.
Major Players Looking at India as Next Chip-making DestinationIndia will focus on creating a supportive ecosystem for semiconductor manufacturing in the country first, and not only on fabrication units, according to union technology, railways, and telecom minister Ashwini Vaishnaw.
Read More News on
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share PricePick the best stocks for yourself
Powered by 
