Dow Jones On Record High, Nasdaq & S&P 500 Rallies After Surprising Jobs Data; Crude Oil Simmers On US Exchanges

U.S. indices accelerated on Friday as optimism about the economy was bolstered by an unexpectedly positive report on the job market in the country.

The S&P 500 climbed 0.9 per cent and got close to its all-time high set on Monday. In the 1st trading week of the month of October, the S&P 500 managed to close in the positive territory despite adverse conditions in west Asia.

The S&P 500

The S&P 500 rang the last opening bell in the 1st week of October at 5,737.48 points, which was respectable upside of 37.54 points compared to closing level of the previous trading day.

The index went to touch the day-high level of 5,753.21 points, which was just south of 14.16 points from the life-time high level of 5,767.37.

The index shuttered October’s 1st week with 51.13 points move in positive territory, pushing the index further closer to the all-time high level, The index hit the closing bell at 5,751.07 points with propelling 0.90 per cent surge on the US bourse.

The Nasdaq Composite

The Nasdaq composite soared 1.2 per cent higher, which translates to a move of 219.38 points, The opening bell of the Nasdaq Composite rang at 18,130.42 points, and the index went on to touch the day-high level of 18,145.28 points on the bourse.

The index of the tech mammoth, including the magnificent seven companies, concluded the first trading week at 18,137.85 points.

Dow Jones Industrial Average

The Dow Jones Industrial Average increased 341 points, amounting to 0.8 per cent, to set a new record. The Dow Jones rode the fast-paced bull with positive sentiment, hitting the opening bell at 42,248.26 points with a hefty lead of 236.67 points over the previous day’s closing level of 42,011.59.

The index went on to touch the day-high level of 42,361.38 points in the final trading session of the week. The closing bell was concluded with a surge of over 341.16 points, pushing the index to shutter at 42,352.75 points.

The Oil price

The price of an international benchmark, Brent crude, increased 0.6 per cent to USD 78.05 per barrel on the oil market, bringing its weekly gain to 9.1 per cent. Benchmark U.S. crude increased 0.9 per cent to USD 74.38, from approximately USD 68 at the beginning of the week.

The Job report

Prior to Friday's jobs report, U.S. employers' hiring activity had generally been declining. That should come as no surprise considering how firmly the Fed used higher interest rates to restrain the economy and combat excessive inflation.

However, Friday's shocking statistics increased optimism that the US economy will continue to expand, especially now that the Fed has started lowering interest rates to boost it. For the first time in over four years, the Federal Reserve cut its main interest rate last month, and it signalled that more reductions would come through the end of the year.

Port worker’s strike

Additionally, on Friday, about 45,000 dockworkers at ports along the East and Gulf coast went back to work after their union came to an agreement to postpone their three-day walkout until January 15 in order to give talks about a new contract more time. That allayed concerns that an extended strike would have exacerbated inflation and burdened the economy.