Wall Street ends over 3% higher on strong labor data

2019-01-05 02:11:58 GMT (Economies.com)
Wall Street ends over 3% higher on strong labor data

US stock indices closed the last session of the week sharply higher following upbeat US labor data, while Fed Chair Jerome Powell touted the data as indication of economic strength, while maintaining the Fed's readiness to change policies depending on economic developments. 

 

Powell believes inflation is still stable, with the Federal Open Market Committee monitoring performance while ready to change policy according to changes in the economy. 

 

Earlier US data showed the unemployment rate rose to 3.9% in December from 3.7% in November, which was the lowest since 1969, while analysts expected no change. 

 

US average hourly earnings rose 0.4% in December, beating estimates of 0.3% and up from 0.2% in November. 

 

The US economy added 312 thousand new jobs in December, the fastest such pace since February 2018, and beating estimates of 179K, and compared to November's 176K, revised from 155K. 

 

Indices, Commodities 

 

Dow Jones spiked 3.29%, or 746.94 points to 23,433.16, while S&P 500 surged 3.43%, or 84.05 points to 2,531.94. Nasdaq Composite skyrocketed 4.26%, or 275.35 points to 6,738.86. 

 

Gold futures due in February fell 0.76% to $1,286.60 an ounce off June 15 highs, while the dollar index slipped 0.10% to 96.18 off June 2017 highs. 

 

US crude futures due in February rose 2.77% to $48.20 a barrel, marking December 18 highs, as Brent futures due in March rallied 3.09% to $57.30 a barrel, marking December 18 highs. 

 
 
 
  Symbol Last Change Chg.%
1.1383
-0.0080
0.6962%
1.2868
0.0011
0.0828%
15.554
-0.043
0.279%
52.000
0.380
0.736%
61.05
-0.27
0.44%
1291.765
4.005
0.311%
 
 
US
 
Europe
 
Asia