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Business Standard
4 days ago
- Business
- Business Standard
US Stocks Rally on Strong Jobs Data; Nasdaq Hits Record High
Better thanexpected U.S. job growth in May boosts investor confidence, lifting major indexes and driving gains in airline, oil and financial stocks. The Nasdaq shot up 231.50 points (1.2%) to 19,529.95, the Dow surged 443.13 points (1.1%) to 42,762.87 and the S&P 500 jumped 61.06 points (1%) to 6,000.36. Labor Departments report showed slightly stronger than expected U.S. job growth in the month of May. Also, it mentioned that the non-farm payroll employment shot up by 139,000 jobs in May after jumping by a downwardly revised 147,000 jobs in April. The report said the unemployment rate came in at 4.2% in May, unchanged from the previous month and in line with economist estimates. The modestly bigger than expected increase in employment helped offset concerns about the strength of the economy following some recent downbeat data. Airline stocks substantially moved upwards, with the NYSE Arca Airline Index soaring by 3.2%. A sharp increase by the price of crude oil also contributed to significant strength among oil service stocks, driving the Philadelphia Oil Service Index up by 2.2%. Financial, oil producer and biotechnology stocks also saw considerable strength while gold stocks bucked the uptrend amid a steep drop by the price of the precious metal. Asia-Pacific stocks turned in another mixed performance. Japan's Nikkei 225 Index rose by 0.5%, while Hong Kong's Hang Seng Index fell by 0.5%. The major European markets also ended the day mixed while the German DAX Index edged down by 0.1%, the French CAC 40 Index crept up by 0.2% and the U.K.'s FTSE 100 Index rose by 0.3%. In the bond market, treasuries moved sharply lower in reaction to the better than expected U.S. jobs data. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, surged 11.6 bps to 4.51%.
Business Standard
04-06-2025
- Business
- Business Standard
Nasdaq Leads Market Rally as Job Openings Rebound and Tech Stocks Surge
U.S. markets climb on strong gains in tech and oil services; April job openings surprise to the upside; global indices show mixed results. The Nasdaq advanced 156.34 points (0.8%) to 19,398.96, the S&P 500 climbed 34.43 points (0.6%) to 5,970.37 and the Dow rose 214.16 points (0.5%) to 42,519.64. Labor Department released a report showing an unexpected increase by job openings in the U.S. in the month of April. It said the job openings climbed to 7.39 million in April from an upwardly revised 7.20 million in March. The unexpected rebound by job openings partly reflected increases in job openings in the arts, entertainment, and recreation and mining and logging sectors. Oil service stocks turned in some of the market's best performances on the day as the price of crude oil extended Monday's surge amid ongoing supply concerns, resulting in a 4.2% spike by the Philadelphia Oil Service Index. Semiconductor stocks was substantially strong , as reflected by the 2.7% jump by the Philadelphia Semiconductor Index. Computer hardware and networking stocks saw considerable strength, contributing to the advance by the tech-heavy Nasdaq while housing and banking stocks also moved notably higher. Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index edged down by 0.1%, while China's Shanghai Composite Index climbed by 0.4%. The major European markets all moved to upside. The German DAX Index advanced by 0.7%, the French CAC 40 Index rose by 0.3% and the U.K.'s FTSE 100 Index edged up by 0.2%. In the bond market, treasuries gave back ground after an early advance, closing roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 4.46% after hitting a low of 4.40%.
Business Standard
09-05-2025
- Business
- Business Standard
Wall Street Rallies on UK Trade Deal Hopes, Strong Sector Gains and Global Market Optimism
Markets surged as Trump unveiled a UK trade framework, airline and energy stocks soared and global indices showed strength; bond yields also jumped. The Nasdaq jumped 189.98 points or 1.1 percent to 17,928.14, the Dow advanced 254.48 points or 0.6 percent to 41,368.45 and the S&P 500 climbed 32.66 points or 0.6 percent at 5,663.94. President Trump announced a trade agreement framework with the U.K., boosting Wall Street optimism. The deal promises greater U.S. market access, especially in agriculture, despite retaining a 10% tariff. It follows news of upcoming U.S.-China trade talks, reducing global trade uncertainty. Experts see this as a test case for future deals that could revive the struggling stock market. Labor Department showed first-time claims for U.S. unemployment benefits saw a modest decline in the week ended May 3rd. It released a separate report showing a pullback by U.S. labor productivity in the first quarter of 2025 along with a sharp increase by unit labor costs. Airline stocks turned in some of the market's best performances, with the NYSE Arca Airline Index soaring by 4.2 percent. A sharp increase by the price of crude also contributed to substantial strength among energy stocks, driving the Philadelphia Oil Service Index and the NYSE Arca Oil Index up by 2.8 percent and 2.6 percent. Financial, computer hardware, housing and software stocks also saw considerable strength while gold and pharmaceutical stocks showed significant moves to the downwards. Asia-Pacific stocks moved mostly higher during trading on Thursday. Japan's Nikkei 225 Index climbed by 0.4 percent, while China's Shanghai Composite Index rose by 0.3 percent. The major European markets turned mixed over the course of the session. While the U.K.'s FTSE 100 Index fell by 0.4 percent, the French CAC 40 Index advanced by 0.9 percent and the German DAX Index jumped by 1.0 percent. In the bond market, treasuries pulled back sharply after moving higher over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, surged 9.8 bps to 4.37 percent.
