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Wall Street surges on strengthening jobs data

English.news.cn   2013-12-07 06:48:39            

NEW YORK, Dec. 6 (Xinhua) -- U.S. stocks soared Friday on a robust but not good enough non-farm payroll report, which suggested that the Federal Reserve may delay tapering its monetary stimulus at its next policy meeting.

The Dow Jones Industrial Average leapt 198.69 points, or 1.26 percent, to 16,020.20. The Standard & Poor's 500-stock Index jumped 20.07 points, or 1.12 percent, to 1,805.10. The Nasdaq Composite Index rallied 29.36 points, or 0.73 percent, to 4062.52.

The blue-chip Dow and broader S&P 500 snapped a five-day losing streak, but still closed in mildly negative territory for the week, dropping 0.4 percent and 0.04 percent respectively. The tech-rich Nasdaq logged a four-week gaining streak, rising 0.1 percent for the week.

The major stock indices climbed at opening, following the report that the U.S. jobless rate fell to a five-year low in November.

The U.S. non-farm payroll grew by 203,000 in November while the unemployment rate edged down to 7 percent from 7.3 percent in the prior month, the Labor Department said.

Though the hiring data beat market estimates, analysts believed it was still not glowing so that the U.S. central bank should wait to see more evidence before cutting back its massive bond buying program.

JPMorgan Chief U.S. Economist Michael Feroli said Friday that the jobs report "smells a little like tapering." "We still think December is a close call but that the FOMC (Federal Open Market Committee) will hold off on tapering until January," he said.

A string of upbeat data this week reignited fears that the Fed may soon start to trim its monthly 85-billion-U.S. dollar asset purchases, possibly as early as December, weighing on the market earlier this week.

Among other data, the U.S. consumer confidence index rose to 82. 5 in December, the highest level since July, according to Thomson Reuters/University of Michigan's preliminary reading on the index.

U.S. personal income fell 0.1 percent in October, while personal expenditure increased 0.3 percent, the Commerce Department reported Friday.

The CBOE Volatility Index, widely considered as a fear gauge of the market, decreased 8.55 percent to end at 13.79.

In other markets, U.S. oil price continued to rally, as a robust growth in hiring pointed to an increasing demand for oil in the world's largest economy.

Light, sweet crude for January delivery gained 27 cents to settle at 97.65 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery rose 63 cents to close at 111.61 dollars a barrel.

Gold futures on the COMEX division of the New York Mercantile Exchange continued to lose momentum. The most active gold contract for February delivery shed 2.9 dollars to settle at 1,229.0 dollars per ounce.

The U.S. dollar fell against most major currencies on the employment data for November. In late New York trading, the euro rose to 1.3696 dollars from 1.3675 dollars in the previous session, and the British pound increased to 1.6344 dollars from 1.6339 dollars.

Editor: Mu Xuequan
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