US shares record weekly earnings in spite of job figures dri...| MENAFN.COM

Monday, 06 February 2023 04:21 GMT

US shares record weekly earnings in spite of job figures driving Fed worries


(MENAFN) US shares had a varied ending on Friday but was able to record weekly surges in spite of job numbers in November driving worries of higher rate rises from the Federal Reserve.

The US economy created 263,000 additional jobs in November, higher than forecast of a 200,000 gain, in spite of the Fed's hawkish financial tightening to lower inflation and efforts to slow the labor market. Job added for October were also surged by 23,000, from 261,000 to 284,000.

The Dow Jones increased 34 points, or 0.1 percent, to end at 34,429. The blue-chip index surged 0.2 percent for the week.

The S&P 500, on the other hand, decreased by 4 points, or 0.12 percent, to close the day standing at 4,071. It was 1.1 percent higher this week.

The Nasdaq fell by 20 points, or 0.18 percent, to close at 11,461. The tech-heavy index climbed 2.1 percent for the week.

The VIX volatility index, also recognized as the fear index, dropped 4.1 percent to 19.03. The 10-year US Treasury yield declined 1.4 percent to 3.479 percent.

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