US stocks log weekly gains on rate cut hopes

2019-06-07 21:51:08 GMT (Economies.com)
US stocks log weekly gains on rate cut hopes

US stocks rose today, extending gains for the fourth session in a row as optimism returned to the market about a possible rate cut by the US Federal Reserve and the European Central Bank.

 

Wall Street rebound comes despite a weak monthly job report in the United States, which showed that the world's largest economy has only added 75,000 new jobs in May, compared to expectations of 177,000 jobs.

 

Analysts said that the slowdown in US labor market and the escalating trade dispute will push the Federal Reserve to cut interest rates either at this month's meeting or at the July meeting.

 

ECB President Mario Draghi hinted on Thursday that the bank is ready to face any slowdown in the growth of the euro area economy by cutting interest rates or injecting new monetary stimulus programs.

 

On the other hand, US President Donald Trump said there is still a chance to reach an agreement with Mexico, threatening that if it does not, the decision to impose tariffs on its exports to the United States will be activated next Monday.

 

In the oil market, West Texas rose by 2.7% to close at $53.99 per barrel, and recorded a weekly gain of 0.9%, with the highest price of today at $54.3 and the lowest price at $52.6.

 

Brent rose 2.6% to $63.29 a barrel, hitting weekly gains of 2.1%, with the day's highest at $63.5 and the lowest at $61.7.

 

At the close of the session, Dow Jones rose 1% (263 points) to 25,984 points, and recorded a weekly gain of 4.7%, with a high of 26,072 points and a low of 25,768 points.

 

Nasdaq rose 1.7% (126 points) to 7,742 points, with weekly gains of 3.9%, the day's highest at 7,767 points and the lowest at 7,648 points.

 

Standard & Poor's climbed by 1% (30 points) to 2,873 points, and gained 4.4% this week, reaching a high of 2,884 points and a low of 2,852 points.

 
 
 
  Symbol Last Change Chg.%
1.1054
-0.0021
0.1878%
1.2533
0.0050
0.3985%
17.851
0.400
2.293%
58.825
3.932
7.162%
64.40
0.80
1.26%
1501.825
12.845
0.863%
 
 
US
 
Europe
 
Asia