NEW YORK (dpa-AFX) – The US job market report for July caused slight optimism on Wall Street and the Nasdaq stock exchanges on Friday. Some investors are likely to interpret the mixed data as suggesting the end of the rate hike cycle. According to Dirk Chlench, analyst at Landesbank Baden-Württemberg, a weakening of the labor market is slowly emerging, which is “overdue” given the recent rate hikes by the US Federal Reserve. “Therefore, in our view, the end of the road has been reached for US interest rates,” commented the economist.
The best-known Wall Street index Dow Jones Industrial (Dow Jones 30 Industrial) rose 0.35 percent to 35,337.21 points in early trading. The market-wide S&P 500 gained 0.29 percent to 4515.03 points. The technology-heavy selection index NASDAQ 100 rose by 0.12 percent to 15,372.38 points.
The US job market painted a mixed picture in July. Although it remains robust overall, there are also signs of weakening at the same time. The increase in the number of employees has not met expectations, while the unemployment rate has fallen. Wage growth remained solid./ck/he
2023-08-04 14:10:38
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