NEW YORK (dpa-AFX) – A surprisingly strong US labor market report only gave the US stock exchanges an initial boost on Friday. The Dow Jones Industrial (Dow Jones 30 Industrial) recently only gained 0.26 percent to 31,004.25 points. On a weekly basis, the most important American stock index is heading for a plus of 0.2 percent.
The market-wide S&P 500 gave way on Friday by 0.04 percent to 3767.12 points. In the technology-heavy NASDAQ 100, the sell-off only stopped at the beginning, but then continued, as the minus from 0.86 percent to 12 357.23 points showed.
Significantly more new jobs than expected were created in the US economy in February. In addition, the unemployment rate surprisingly fell a little. As expected, wages rose.
Since several US states have recently relaxed the corona restrictions, the significant increase in employment fits into the picture, said economist Thomas Gitzel from VP Bank. However, since the outbreak of the Corona crisis there has still been a loss of more than nine million jobs. For this reason, too, there is “no need for hasty action” for the central bank.
However: “It is also clear that the better economic data turn out, the greater the doubts of the financial markets about a continued expansionary monetary policy,” warned the expert. “So good economic data can turn into bad news for the markets.”
The rate hike continued on Friday after the job report. The yield on US government bonds with a ten-year term climbed to a good 1.6 percent. The development is an expression of growth optimism and fears of inflation. Both go back to the very loose financial policy of the new US administration, which is aiming for a trillion dollar economic stimulus package. However, when interest rates rise, bonds will again become an alternative for equity investors. The rise in interest rates had already slowed the stock exchanges considerably in the past few days.
According to business figures, Slack’s shares advanced by just under one percent. The office communication service recorded strong growth last year thanks to the high demand for office software caused by the corona. However, there were also high losses again. The company is about to be taken over by the US software company Salesforce for just under $ 28 billion. Its shares gained 1.6 percent among the top stocks in the Dow.
The shareholders of the oil companies Chevron and ExxonMobil could look forward to price gains of three and a half and two and a half percent respectively. The sharp rise in oil prices provided an upswing after the oil network Opec + initially failed to increase its production and thus caused a surprise on the markets.
The Broadcom papers (Broadcom) were only in the beginning clearly in the plus after numbers and outlook. The semiconductor manufacturer reported high demand. Most recently, however, they were quoted 1.4 percent lower./ajx/he
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