Wall St Hits Highs as Slowing Job Growth Spurs Stimulus Bets


Dec 4 Reuters Wall Streets main indexes rose to alltime highs on Friday as data showing the slowest U.S. jobs growth in six months raised investors expectations for a new fiscal relief bill to help revive the coronavirushit economy.

Socalled cyclical stocks seen as particularly sensitive to the economy, such as energy, materials and industrials, shined as most SP 500 sectors rose.

The Labor Departments closely watched report showed nonfarm payrolls increased by 245,000 jobs in November, below economists expectations of 469,000 jobs and the smallest gain since the labor recovery started in May.

Presidentelect Joe Biden said Fridays grim jobs report shows the economic recovery is stalling and warned the dark winter ahead would exacerbate the pain unless the U.S. Congress passes a coronavirus relief bill immediately.

The bad news of the weakening jobs picture is potentially good news for investors because it means that the stimulus bill is much more likely to take place in a fairly short time frame, said Ryan Detrick, senior market strategist at LPL Financial in North Carolina.

Unofficially, the Dow Jones Industrial Average rose 246.27 points, or 0.82, to 30,215.79, the SP 500 gained 32.4 points, or 0.88, to 3,699.12 and the Nasdaq Composite added 87.05 points, or 0.7, to 12,464.23.

The benchmark 10year yield hit its highest level since March at over 0.98, helping support financial shares which are highly sensitive to interest rates.

Energy shares were also bolstered…

Sterling Falls, Hopes for Brexit Deal Recede; Talks Continue

Previous article

Oil Slips from MultiMonth High, Virus Surge Prompt Lockdowns

Next article

You may also like


Leave a reply

Your email address will not be published.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

More in News