US stocks rose again today, experiencing the best week since the beginning of the year

US stocks rose again today, experiencing the best week since the beginning of the year
US stocks rose again today, experiencing the best week since the beginning of the year

American stocks strengthened again today, according to the AP agency, thus experiencing the best week since the beginning of this year. Today’s labor market data supported hopes that the period of interest rate hikes in the United States is over. The Dow Jones index, which includes shares of thirty leading American companies, gained 0.66 percent today and ended trading at 34,061.32 points. The broader S&P 500 index rose 0.94 percent to 4,358.34 points and the Nasdaq Composite index, which includes many companies from the advanced technology sector, rose 1.38 percent to 13,478.28 points.

For the whole week, the Dow Jones index rose by about 5.1 percent. The S&P 500 rose 5.9 percent and the Nasdaq gained 6.6 percent.

The U.S. unemployment rate rose a tenth of a percentage point to 3.9 percent in October, the U.S. Department of Labor reported today. The U.S. economy added about 150,000 jobs, less than expected, according to government data.

The data supported expectations that the US central bank (Fed) has already completed raising interest rates, which it started in an effort to bring inflation under control. Yields on 10-year U.S. government bonds fell to their lowest level in more than five weeks after data was released, fueling investor interest in stocks.

In the forex market, the US dollar fell to a six-week low against a basket of major currencies in response to labor market data. The euro gained roughly one percent against the US dollar shortly after 21:40 CET to 1.0730 EUR/USD.

This confirms the view that the Fed should not raise interest rates again,” said analyst Ronald Temple from Lazard about the data on the labor market. Weak data on the development of activity in the US service sector in October also contributed to the fall of the US dollar.

The Fed left its key interest rate unchanged on Wednesday in a range of 5.25 to 5.50 percent, the highest level since 2001. It last raised it in late July.

Source: Reuters, ČTK, Lazard, AP

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The article is in Czech

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