February 1, 2023

Taylor Daily Press

Complete News World

New York stocks on strong gains after positive US jobs report – Wel.nl

New York (ANP) – Stock markets in New York closed Friday with strong price gains. Investors on Wall Street responded positively to the US government’s critical jobs report. It showed, among other things, that average hourly wages in the world’s largest economy rose very little in December. As a result, fears of a further rise in inflation due to the wage-price spiral have subsided and the US Federal Reserve may be slow to raise interest rates to tame hyperinflation.

Job growth was stronger than expected last month, indicating strength in the U.S. labor market despite the Fed’s rate hikes. Unemployment in the United States fell to 3.5 percent, the lowest level in fifty years. President Joe Biden said he was pleased with the low unemployment rate and that inflation was moving in the right direction, but more work was needed.

The Dow Jones industrial average rose 2.1 percent to close at 33,630.61. The broad-based S&P 500 rose 2.3 percent to 3,895.08, while the technology-based Nasdaq gained 2.6 percent to 10,569.29. Big tech funds like Apple, Amazon and Facebook parent MetaPlatforms gained up to 3.6 percent.

Tesla

Tesla brushed off earlier losses and advanced 2.5 percent. Electric car maker cuts prices again in China Tesla shares fell on Thursday after disappointing sales of China-made cars.

Southwest Airlines rose 4.6 percent, erasing earlier losses. The airline expects a loss in the fourth quarter as a result of the thousands of flights the company had to cancel due to the winter storm in the US.

Bed Bath & Beyond

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Bed Bath & Beyond had another bad day with a 22.5 percent loss. The home retail chain had already plunged 30 percent on Thursday.

Wholesaler Costco Wholesale reported strong sales figures for December and a profit of more than 7 percent.

The euro was at $1.0645 against $1.0619 in late European stock market trading. U.S. crude was down 0.2 percent at $78.51 a barrel, while Brent was at $73.71 a barrel.