Wall Street in good mood after strong job figures


The US stock exchanges made a profit on Friday afternoon trading in New York. Sentiment on Wall Street was clearly on the rise after a strong monthly job report from the US Department of Labor. There were also quarterly results from car company Fiat Chrysler.

The Dow-Jones index recorded 0.8 percent in the plus at 26.518 points around 19.30 (Dutch time). The broad S&P 500 won 1 percent to 2946 points and technology level meter Nasdaq rose 1.5 to 8154 points.

Unemployment in the United States has fallen to the lowest level in almost fifty years thanks to strong job growth. This is an important indicator for the Federal Reserve. President Donald Trump has repeatedly urged the Fed to cut interest rates to support economic growth. Fed Chairman Jerome Powell did not want to do that and recently pointed to the “very strong” job growth.

Trump left all discussion on Friday for what it was. He reacted very positively to the news about the steaming American job engine. “We all agree that America is now number 1,” he continued twittering. According to the president, the whole world is currently jealous of the US, and the best of his presidency is yet to come.

Fiat Chrysler received almost 6 percent market value. The car group was struggling with difficult market conditions, which meant that car sales fell sharply, particularly in China. In addition, industry colleague Tesla expanded its previously announced issue of convertible bonds and shares, after much enthusiasm for the securities. The share won over 4 percent.

Maker of meat substitutes Beyond Meat recorded a price gain of around 8 percent the day after his successful stock market debut. On Thursday the share shot up no less than 163 percent. In addition, Amazon received more than 3 percent after news that investor guru Warren Buffett, through his investment fund Berkshire Hathaway, bought back shares of the web giant.

The euro was worth $ 1,1194 compared to $ 1,1189 at the close of the European markets earlier in the day. A barrel of American oil rose 0.7 percent in price to $ 62.22. Brent oil also became 0.7 percent more expensive, at $ 71.23 a barrel.

By: Abaigael Schlomski

Abaigael Schlomski is an accomplished economist and financial journalist with over a decade of experience in the industry. He is a regular contributor to EconomicInform, where he provides in-depth analysis and expert commentary on the latest economic trends and events. With a keen understanding of the financial markets and a talent for breaking down complex economic concepts for a general audience, Maurice is a trusted and respected voice in the field.

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