Sat, 08 Aug 2020

U.S. stocks approach record highs as recession fears fade

Lola Evans
07 Dec 2019, 09:51 GMT+10

NEW YORK, New York - A robust jobs market in the U.S. may help the country avoid a recession. Figures released Friday indicated growth in employment numbers rose in November by the highest margin in ten months.

The data from the U.S. Labor Department sparked a rally on Wall Street and helped the U.S. dollar make minor gains against some currencies.

"This certainly contributes to the idea that the U.S. economy is doing better than most folks would give it credit for," Michael Arone, chief investment strategist at State Street Global Advisors in Boston told the Reuters Thomson news agency on Friday.

"This was a very solid report and should put those fears of recession firmly in the rear view," he said.

At the end of the day's trading on Friday, the Dow Jones Industrial Average was ahead 337.27 points, or 1.22%, at 28,015.06.

The Standard and Poor's 500 added 28.48 points, or 0.91%, to 3,145.91.

The Nasdaq Composite rose 85.83 points, or 1%, to 8,656.53.

The euro was hit by profit-taking more-so than the Labor Department report, having rallied to beyond 1.1100 this week. The EU currency ended the week around 1.1060.

The British pound remained well bid, albeit slightly off the week's highs, at 1.3146.

The Japanese yen gained on Friday to finish the day around 108.56. The Swiss franc however fell to 0.9899.

The Canadian dollar slipped to 1.3259. The Australian dollar was unchanged at 0.6839. The New Zealand dollar was weaker at 0.6511.

In overseas equity markets, in London the FTSE 100 closed 1.43% higher on Friday. The German Dax added 0.86%, while the Paris-based CAC 40 climbed 1.21%.

On Asian markets, in japan, the Nikkei 225 rose 54.31 points or 0.23% to 23,354.40.

China's Shanghai Composite advanced 12.55 points or 0.43% to 2,912.01.

The Australian All Ordinaries added 22.40 points or 0.33% to 6,813.50.

In Hong Kong, the Hang Seng jumped 281.33 points or 1.07% to 26,498.37.

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