US shares open Friday with gains despite weak job data
Date
11/3/2024 7:23:10 AM
(MENAFN) On Friday, US stock markets opened with positive momentum despite disappointing job figures that significantly underperformed expectations. The Dow Jones Industrial Average gained 262 points, or 0.63 percent, reaching 42,026 by 9:34 AM EDT (1334 GMT). Meanwhile, the S&P 500 saw an increase of 34 points, or 0.58 percent, climbing to 5,740. The nasdaq Composite also rose, adding 122 points, or 0.68 percent, to reach 18,256.
The Labor Department reported that the economy added only 12,000 jobs in October, which fell far short of market estimates that projected an increase of 106,000 jobs. This sluggish job growth came amid the impact of two severe hurricanes and a significant strike at Boeing, which disrupted normal hiring patterns. Additionally, the job additions for September were revised downward by 31,000, from an originally reported 254,000 to 223,000.
Despite the weak job growth, the unemployment rate remained steady at 4.1 percent in September, aligning with market forecasts. Market volatility, as indicated by the VIX volatility index—often referred to as the "fear index"—decreased by 6 percent to 21.77. The yield on the 10-year US Treasury bond also dipped, falling by 0.33 percent to 4.273 percent.
In currency markets, the US dollar index edged down by 0.04 percent to 103.93, while the euro weakened slightly against the dollar, trading at USD1.0873. In commodities, precious metals showed gains, with gold increasing by 0.45 percent to USD2,756 per ounce and silver rising by 1 percent to USD32.99. Oil prices also experienced a boost, climbing over 2.3 percent, with Brent crude reaching USD74.50 per barrel and West Texas Intermediate trading at USD71.10.
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