Breaking News

You are here » Indian-Commodity  :  International & World Stock  :  US markets end at record highs on upbeat jobs data

09-Dec2017

US markets end at record highs on upbeat jobs data

The US markets traded with traction and ended near record high levels on Friday, as traders reacted positively to the closely watched monthly jobs report. The continued advance by stocks came following the release of a report from the Labor Department showing stronger than expected job growth in the month of November. The non-farm payroll employment jumped 228,000 jobs in November after surging up by a revised 244,000 in October. The street had expected employment to climb by 200,000 jobs compared to the addition of 261,000 jobs originally reported for the previous month. The Labor Department also said the unemployment rate came in at 4.1 percent in November, unchanged from October and in line with the street expectation. Meanwhile, average hourly employee earnings were up by 2.5 percent year-over-year in November, reflecting acceleration from 2.4 percent in October but below estimates for 2.7 percent growth.

Positive sentiment was also generated by news that both the House and the Senate passed a stopgap spending bill to avoid a government shutdown. The legislation extends government funding until December 22nd, giving lawmakers time to negotiate a longer-term spending bill. On the other hand, the University of Michigan released a report showing an unexpected deterioration in consumer sentiment in the month of December. The report said the preliminary reading on the consumer sentiment index for December fell to 96.8 from the final November reading of 98.5. Economists had expected the index to inch up to 99.0.

The Dow Jones Industrial Average surged 117.68 points or 0.49 percent to 24,329.16, the Nasdaq gained 27.24 points or 0.40 percent to 6,840.08 and the S&P 500 was up by 14.52 points or 0.55 percent to 2,651.50. 


Related News

View all news

US markets end higher on trade optimism

The US markets ended higher on Wednesday as traders keep up hope that the US and China will make progress on resolving their trade dispute. The strength on markets came in after President Donald Trump......

US markets end mostly lower on Tuesday

The US markets ended mostly lower on Tuesday after a contentious fight between President Donald Trump and Democratic leadership over border security. Trump threatened to shut down the government if more......

US markets end marginally higher on Monday

The US markets ended marginally higher on Monday as traders went bargain hunting after the early weakness extended the sell-off seen last week. Further, some support also came in as renewed confidence......

Top News

View all news

Patels Airtemp receives settlement notice from SEBI

Patels Airtemp (India) has received from SEBI, Summary Settlement Notice vide its Letter dated December 12, 2018 for settlement amount of Rs 3,68,156 against violation of Regulation 7(2)(b) of SEBI (Prohibition......

IndiGo in initial discussion with Qatar, Turkish Airlines for global expansion: Report

In order to increase its global footprint, InterGlobe Aviation (IndiGo) is reportedly in preliminary discussion with Qatar Airways and Turkish Airlines. The Budget carrier is looking for interline and......

Talwalkars Lifestyles integrates with Growfitter

Talwalkars Lifestyles has integrated with Growfitter to introduce the country's first ever AI (Artificial Intelligence) based Incentivized Wellness Program. The Growfitter FITKIT Program is a technologically......