NEW YORK (dpa-AFX) – The buying mood of investors on New York’s Wall Street continued at the end of the week. Friday was the fifth consecutive day of profits for the Dow Jones Industrial (Dow Jones 30 Industrial). The record high it reached at the end of January temporarily approached to around 20 points. The market-wide S&P 500 and the technology-heavy Nasdaq indices, on the other hand, have already exceeded their highs again.
According to market observers, however, the positive impulses did not come from the US labor market report for January, as it disappointed in parts. Rather, it was said that the hope for a general sustained economic recovery continued to drive. Especially in view of the ongoing vaccination campaigns and the expected Corona aid package. Accordingly, the stock exchanges are “currently quite immune to negative news,” as Portfolio Manager Thomas Altmann from QC Partners said.
Ultimately, the Dow rose 0.30 percent to 31,148.24 points. His weekly plus is 3.9 percent. For the S&P 500 it rose 0.39 percent to 3886.83 points on Friday. The Nasdaq Selection Index 100 (NASDAQ 100) advanced 0.32 percent to 13,603.96 points.
Regarding the US labor market, Altmann wrote: “The good news is that the US labor market is growing again. The bad news is that it is growing very slowly.” All in all, the report shows that the current Covid-19 wave is not a tragedy for the US economy, but that it is still costing considerable growth.
According to the US Department of Labor, the monthly unemployment rate fell 0.4 percentage points to 6.3 percent in January. Analysts, however, had expected an unchanged rate. However, the increase in employment was disappointing: instead of an expected increase of 105,000 jobs, employment outside of agriculture only increased by 49,000 jobs./ck/he
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