Stocks Rally, Bonds Fall as Jobs Miss Shrugged Off: Markets Wrap

By Bloomberg / January 01, 1970 / in.investing.com / Article Link

(Bloomberg) -- Equities worldwide extended their stellar start to 2018, with U.S. indexes rising to record highs for a third consecutive day, as the synchronized growth story continues to win over investors.

Treasuries slumped and the dollar was flat after a report showed U.S. payroll gains slowed by more than forecast in December, wages picked up slightly and the jobless rate held at the lowest level since 2000. The S&P 500 Index powered to a fresh record as investors looked past the jobs miss, speculating that Republican tax cuts will lead to higher corporate earnings. The Dow Jones Industrial Average and Nasdaq Composite Index also hit all-time highs.

"I wouldn’t overreact to this report," Alan Krueger, a professor of economics at Princeton University, said on Bloomberg Television. "I don’t think this really changes the economic outlook all that much for 2018."

The Stoxx Europe 600 climbed with automakers and healthcare stocks outperforming. In Asia, benchmark indexes in Japan, South Korea and China were among the gainers after U.S. shares surged to fresh records Thursday. Emerging-market equities reached the highest since 2011.

Commodities fell as oil pulled back from the highest close in more than three years.

Terminal users can read more in our markets blog.

These are the main moves in markets:

Stocks

The S&P 500 Index climbed 0.5 percent as of 3:08 p.m. in New York, while the Dow Jones Industrial Average gained 0.6 percent and the NASDAQ Composite Index rose 0.7 percent.The Stoxx Europe 600 Index climbed 0.9 percent.The U.K.’s FTSE 100 Index rose 0.4 percent.Germany’s DAX Index rose 1 percent.The MSCI Asia Pacific Index gained 0.7 percent to the highest on record.The MSCI Emerging Market Index increased 0.7 percent.

Currencies

The Bloomberg Dollar Spot Index was little changed after dropping 0.1 percent.The euro was little changed at $1.2048.The Japanese yen weakened for a third day, dropping 0.4 percent to 113.14 per dollar.

Bonds

The yield on 10-year Treasuries rose two basis points to 2.47 percent.Germany’s 10-year yield was little changed at 0.44 percent.Britain’s 10-year yield rose one basis point to 1.24 percent.

Commodities

West Texas Intermediate oil for February delivery fell 51 cents to $61.50 a barrel on the New York Mercantile Exchange.Gold dropped 0.2 percent to $1,320.79 an ounce.Copper dipped 1 percent to $3.23 a pound.

Recent News

Major investment banks make major gold price upgrades

April 15, 2024 / www.canadianminingreport.com

Gold stocks near flat as equities dip

April 15, 2024 / www.canadianminingreport.com

Revenue estimates for gold stocks have remained relatively flat

April 08, 2024 / www.canadianminingreport.com

Gold stock valuations remain low even after price surge

April 08, 2024 / www.canadianminingreport.com

Gold stock to global money supply far from bubble territory

April 01, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok