Monday, August 10, 2020

US stocks hot on inflow data, S&P 500 and Nasdaq end at record high

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US labor data and robust figures on Chinese manufacturing sent Wall Street on a record hunt on Friday, broad index S&P 500 and the composite index of the technology exchange NASDAQ increased in the early business by about 1 percent and reached new record highs with 3064 and 8376 points.

Good data from the labor market and from China set records for US Stocks

The Dow Jones benchmark index rose by 0.8 percent to 27,273 points. German stock index DAX also increased significantly. With an increase of 0.9 percent to 12,976 points, he moved further in the direction of 13,000 points. In the course of trading the DAX reached a new 52-week high with 1.2992 points.

The S&P 500 SPX, +0.97% rose 1% to finish around 3,067, above its precious closing record of 3,046.77 set on Oct. 30. The Dow Jones Industrial Average DJIA, +1.11% added 301 points, or 1.1%, to end at around 27,347, based on preliminary numbers. Nasdaq Composite COMP, +1.13% climbed 1.1% to end near 8,386, above its previous closing record of 8,339.64, set July 26.

The S&P 500 SPX, +0.97% rose 1% to finish around 3,067, above its precious closing record of 3,046.77 set on Oct. 30

The U.S. economy added 128,000 new jobs in October, comparing with analysts’ estimates for 75,000 job gains last month. The Labor Department upwardly revised its estimates of employment gains in September and August. On the other hand, the ISM’s manufacturing gauge came in at 48.3% in October. Any reading below 50% reflects a contraction in economic activity. In company news, shares of Fitbit Inc. FIT, -0.28% surged after Alphabet Inc GOOG, -0.10% announced it would acquire the wearable fitness products company.

The US labor market did not lose much of its momentum as expected in October with 128,000 new jobs created. Economists had predicted only 89,000. At the same time, the number for September was sharply revised up from 136,000 to 180,000. “These are good numbers that will make the Fed feel good about doing the right thing,” said economist Doug Duncan of mortgage lender Fannie Mae. “If it does not worsen over the next few months, they’ve been put on ice for a while.”

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