|10-05-2014, 03:24 PM||#1|
Global equities rejoice on strong jobs report
An upswing in U.S. hiring in September drove global equity markets higher on Friday, with the S&P 500, the Dow Jones Industrial Average and the Russell 2000 rising more than 1%, shrugging off a possible interest rate hike on the back of an improving economy.
U.S. employers added 248,000 jobs in September, soaring past estimates of a 215,000 increase. Unemployment fell to 5.9%, the lowest since July 2008.
Revisions also showed better job growth in July and August than initially estimated. Both months added a total of 69,000 jobs.
The Dow Jones Industrial Average rose 1.11% or 186.75 points, the S&P 500 Index gained 1.00% or 19.48 points, the NASDAQ Composite Index gained 1.06% or 46.93 points, and the Russell 2000 also rose 1%.
European stocks regained some composure after Thursday’s sell-off, with the pan-European Stoxx 600 Index rising 0.95% to end at 335.19. U.S. Treasurys also sold off.
The notion that equity markets rose and bonds declined after the jobs report signals that the financial market will be able to hold firm against any interest rate increase by the Federal Reserve, or so that’s what investors think.
Market participants expected the Federal Reserve will increase interest rates in mid-2015.
Also, the U.S. dollar hit a fresh four-year high against a basket of major currencies.
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