Stocks rally as strong job data improves economic outlook

Get real time updates directly on you device, subscribe now.

  • It was a solid end to the week, with stocks rebounding as good US employment data improved the economic outlook.
  • The S&P 500 managed to rebound from 3,730 (lows) to 3,850 and closed in the green for the week.

It was a good weekend for the US stock markets., which rose to the upside after three difficult days. The S&P 500 ended the day 2.0% higher to close near 3,850, a rally of more than 3.0% from intraday lows around 3,730. The Nasdaq 100 ended the session up 1.6% to close at 12,600, rebounding approximately 3.7% from intraday lows around 12,200. The Dow ended the session up 1.85%, approaching 3.1500. The CBOE volatility index fell almost 4 points, returning to 24.00.

Regarding sector performance; the S&P 500 energy sector returned to the top amid a further rise in the crude oil market (WTI rose $ 2.50 to end the week at multi-year highs above $ 66.00), closing the session at 3.1% higher. Meanwhile, the consumer discretionary sector was the worst performer, gaining just 0.7% on the day and dragged to the bottom of the sector performance chart by continued underperformance in Tesla stocks, which soared another 3.8. % on Friday.

Friday’s recovery meant the S&P 500 was up close to 0.8%. The Dow ended the week 1.8% higher, while the Nasdaq 100 still ended the week 1.9% lower, although at least it is now only 8.8% below recent highs, which means it is no longer. it is classified as in “correction” territory.

.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.