New York stocks rise on strong employment in October… Top 3 index closes

Love

New York’s three major indices hit new highs again in October, with positive nonfarm employment data.

On the New York Stock Exchange, the Dow Jones Industrial Average closed at 36,327.95, up 203.72 points from the previous day.

The Standard & Poor’s 500 index closed at 4,697.53, up 17.47 points from the battlefield, and the Nasdaq index, which focuses on technology stocks, closed at 15,971.59, up 31.28 points from the battlefield.

The three major indices once again hit all-time highs.

Investors paid attention to the October employment report and news about Pfizer’s edible COVID-19 treatment.

U.S. employment in October was higher than the previous month and beat Wall Street’s expectations.

The unemployment rate stood at 4.6%, below the previous record of 4.8% and the Wall Street estimate of 4.7%.

Nonfarm payroll employment increased by 531,000 in October, according to the Ministry of Labor.

This is higher than the market estimate of 450,000 people compiled by the Wall Street Journal.

In September, employment was revised upward from an increase of 194,000 to an increase of 312,000, and August employment was also revised upward from an increase of 366,000 to an increase of 483,000.

The August-September figure totaled 235,000 more than before.

The average hourly wage stood at $30.96, up $0.11 from the previous month, up 4.9% from the previous year.

In the previous month, they were up 0.62% from the previous month and 4.58% from the previous year, respectively.

Hourly wage growth on the day was in line with market expectations.

The 10-year US Treasury yield fell below 1.50% after the employment data were released.

Interest rates fell to 1.451% today, the lowest since September 23.

Lower interest rates also helped boost tech stocks.

In recent years, as concerns about the pandemic have eased significantly, stocks related to the reopening of the economy are showing positive results, while stocks that have been noted as beneficiaries of COVID-19 are also under downward pressure on their stock prices due to poor performance.

On that day, the share price of exercise equipment maker Peloton fell more than 35%.

Shares of travel-related Expedia rose more than 15% on better-than-expected earnings reports.

According to the Chicago Mercantile Exchange’s FedWatch report, the Fed Funds rate futures market predicted a 74.3% chance of a rate hike in September next year.

The probability of a rate hike in June was expected to be 53.3%.

Reference-news.sbs.co.kr

Leave a Reply

Your email address will not be published. Required fields are marked *