Home » Business » Job data fuel US exchanges – Dow up more than three percent

Job data fuel US exchanges – Dow up more than three percent

new York The rally on the US stock markets continued with a surprising tailwind from the labor market. On Friday, the Dow Jones index climbed again above 27,000 points for the first time since early March, while the Nasdaq even climbed above its all-time high closing price in February.

Despite the ongoing effects of the virus crisis, around 2.5 million non-agricultural jobs were created in the United States in May. “The complete surprise,” commented the analysts at NordLB. Economists had expected eight million jobs to be cut.

The Dow Jones index of standard values ​​closed 3.2 percent higher at 27,110 points. The technology-heavy Nasdaq advanced 2.1 percent to 9,814 points. In the course of virus worries, the index had dropped to 6631 jobs in mid-March. The broad S&P 500 gained 2.6 percent to 3,193 points. This week, the Dow gained almost seven percent, the S&P five and the Nasdaq around 3.5 percent.

The unemployment rate surprisingly dropped to 13.3 percent from 14.7 percent. “This is a tremendously positive step in the right direction and is likely to indicate a faster recovery, at least on the job market, than people expected,” said strategist Subadra Rajappa of Bank Societe Generale.

In Europe too, the data gave the stock markets an additional kick. Spurred on by stimulus from the government and central banks, the Dax rose 3.4 percent to 12,847 points, the highest level in three and a half months.

Meanwhile, US investors’ fear of severe social unrest in the United States subsided at the end of the week. Tens of thousands of people protested against racism and police violence for days after another African American died in a police operation with George Floyd a week ago.

A look at the individual values ​​- banks are very popular

Equity investors primarily took hold of financial stocks that benefited from rising bond yields. Papers from Bank of America, Citigroup and JPMorgan won up to 5.8 percent.

Investors also bet on a rebound in aviation demand, which the title of American Airlines and United Airlines by up to eleven percent. The list of winners in the standard values ​​was held by shares of the aircraft manufacturer Boeing which temporarily increased more than fourteen percent. In the end there was an increase of a good eleven percent.

Speculation on extended production brakes on the part of oil producers drove up oil prices and made stocks in the oil and gas sector popular. The papers from Exxon and Chevron climbed up to 8.1 percent. The Opec + group, which in addition to the members of the oil cartel also includes other countries with Russia at the top, wants to advise on Saturday.

Papers of the noble jeweler Tiffany won almost seven percent. Investors were relieved that French competitor LVMH did not appear to question the $ 16.2 billion acquisition.

“The American economy is recovering surprisingly quickly”

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A media report on a takeover interest in Pit stroke caused the US food supplier’s shares to rise by just over five percent. In the meantime, with a peak of $ 64.19, they had again come close to their intermediate high of May 12. At that time, an alleged interest by the travel agent Uber had already fueled the titles. Delivery Hero and Just Eat Takeaway.com are now interested in Grubhub, according to CNBC.

Quarterly figures were given by the chip manufacturer Broadcom and the provider of the office communication platform Slack. The latter disappointed with sales and outlook, which is why the slack papers sank by more than 14 percent.

The Apple supplier Broadcom on the earnings side, however, delivered what analysts had expected. Traders also referred to the stable dividend. At the end of the day, however, the shares reduced their high plus to just over two and a half percent.

The positive surprise on the US job market put a damper on the recent euro rally. The common currency fell below $ 1.13 again. It closed at $ 1.1282 after the U.S. market closed. The European Central Bank (ECB) had set the reference rate at $ 1.1330 (Thursday: 1.1250), which was the dollar’s price of € 0.8826 (0.8889).

In the US bond market, trend-setting ten-year government bonds lost 17/32 points to 97 18/32 points. They paid 0.882 percent.

More: The Dax also benefits from the good labor market data in the USA.

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