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Wall indicators are set for a new record with a push from the strong macros

Key Wall Street indexes are moving upwards on Friday, heading for new historical highs after the strong data announced today for the American labor market.

On Thursday, the S&P 500 and Nasdaq closed for the sixth consecutive time at a new all-time high, while the industrial Dow Jones failed to follow and closed with small losses of 0.1%, ending an upward series of five sessions.

The encouraging data announced today for employment lead to new records in all three indicators. The data showed that the US economy added another 531,000 jobs last month, following a revised September increase of 312,000 jobs from 194,000 initially.

Unemployment fell to 4.6% in October from 4.8%, while the labor force participation rate remained unchanged at 61.6%.

It is noted that the average estimates of analysts in a Bloomberg poll spoke of 450,000 jobs with unemployment falling to 4.7%.

The rising rate of hiring shows that more Americans are returning to the job market as the negative impact of the pandemic on the economy has waned significantly and employers are offering higher wages. Hourly wages rose further in October and are now up 4.9% in the last 12 months, one of the largest increases in decades. Average hourly earnings increased 11 cents or 0.4% to $ 30.96.

Indicators – Statistics

On the board, the industrial Dow Jones gained 316.68 points or 0.88% and climbed to 36,440.91 points, while the broader S&P 500 added 30.55 points or 0.65% to 4,710.61 points. The technology Nasdaq is up 68.92 points or 0.43% at 16,009.23 points.

Of the 30 stocks that make up the Dow Jones industrial average, 26 are moving with a positive sign and only four with a negative. The biggest gains were made by Boeing with gains of $ 6.89 or 3.23% at $ 219.92, followed by Visa at $ 214.13 with an increase of 2.56% and Walt Disney at $ 174.20. with gains of 2.30%.

The biggest losses are recorded by Merck & Co. (-7.92%), Johnson & Johnson (-0.84%) and Procter & Gamble (-0.21%).

In business developments Pfizer Inc. marks an 8.5% jump after the pharmaceutical giant announced that the pill it has developed against Covid-19 in combination with an anti-HIV drug reduces the risk of hospitalization or death by 89% in high-risk adults exposed to the virus.

The pharmaceutical company also announced that it expects to submit the findings to the US Food and Drug Administration (FDA) for emergency approval “as soon as possible”.

It is recalled that Merck announced last month that the experimental treatment reduces the risk of hospitalization or death by 50% according to the results of the final stage test.

From the “front” of the results, Uber Technologies Inc. announced yesterday that the revenues of the third quarter increased after the lifting of the restraining measures, with the losses, however, more than doubling.

Airbnb Inc. announced record revenue for the quarter. Strong profits and sales, but less than expected monthly users, Pinterest Inc. announced. Square Inc.’s revenue was lower than expected. for the last quarter, while GoPro Inc. announced results that exceeded forecasts.

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