Dow cinches record high as strong U.S. jobs report spurs rally!
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Last Friday the Dow cinched a record closing high as a strong U.S. jobs report helped spur a stock market rally. On the week, the Dow inched up 0.09% to close at 42,352.75. The S&P and tech-heavy Nasdaq also eked out weekly gains, rising 0.22% and 0.1% to hit 5,751.07 and 18,137.85, respectively.?
The latest U.S. jobs report reassured investors and exceeded expectations. The report showed that the U.S. economy added 254k jobs in September—more than the 150k expected by economists and the highest number in half a year—and unemployment falling to 4.1% from 4.2% the month prior.?
“Coming off a string of relatively weak jobs data over the summer months, the September jobs report was just what the doctor—or in this case the Fed—ordered,” Jim Baird, chief investment officer at Plante Moran Financial Advisors told Bloomberg. “It broke the recent trend and provided reason for optimism in the underlying resiliency of the labor economy,” he said. “We remain in an environment where good economic news is good news for the equity market as it increases the potential for a soft landing,” Michelle Cluver, head of ETF model portfolios at Global X told CNBC.?
Meanwhile China’s recent state stimulus also fueled a major rally. China’s CSI 300 blue-chip index surged over 25% over nine days as of October 3. On the week, Hong Kong’s Hang Seng index jumped 10.2% to reach 22,736.87. Japan’s Nikkei climbed 2.99% on the week and closed at 38,635.62.?
WTI and Brent crude saw weekly gains of 9.09% and 8.43% to $74.38 and $78.05 a barrel, respectively. Gold slipped slightly to $2,667.80 an ounce.?
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