US stocks end sharply higher after jobs report

March 12, 2018

By IFCMarkets

Nasdaq closes at record

US stock indices ended sharply higher on Friday after report 313000 new jobs were created in February but wage growth was at below expected 0.1% on month. S&P 500 climbed 1.7% to 2786.57. Dow Jones industrial average rallied 1.8% to 25335.74. The Nasdaq composite gained 1.8% to 7560.81. The dollar strengthening persisted: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, edged up 0.02% to 90.12. Stock indices futures point to higher openings today.


European stocks advance

European stocks extended gains on Friday supported by strong US jobs report. The euro extended losses against the dollar while the British Pound turned higher. The Stoxx Europe 600 index rose 0.4%, ending up 3.1% for the week. However he DAX 30 slipped 0.1% to 12346.68 on disappointing exports and factory output data. France’s CAC 40 gained 0.4% and UK’s FTSE 100 added 0.3% to 7224.51. Indices opened 0.3% – 0.5% higher today.

Hang Seng leads Asian indices rally

Asian stock indices are higher today as upbeat US jobs report boosted investors risk appetite. Nikkei rallied 1.8% to 21848.50 despite yen strengthening against the dollar. Chinese stocks are rising: the Shanghai Composite Index is up 0.6% and Hong Kong’s Hang Seng Index is 1.9% higher. Australia’s All Ordinaries Index is up 0.6% despite continued Australian dollar strength against the greenback.

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Brent slips

Brent futures prices are lower today weighed by rising US output. Market participants expect US output to continue rising. Prices rose Friday boosted by easing of geopolitical concerns on news President Donald Trump will meet North Korea’s leader by May. May Brent rose 3% to $65.49 a barrel on Friday. It gained 1.7% in the week.

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