Post-election optimism continued today in US stock prices, sending both the S&P 500 and NASDAQ to new intraday highs and once again pushing the Dow Industrials up against the mythical 20,000 level. The day’s main catalyst was the US jobs report, showing slightly fewer new jobs created than expected, but with a surprising and very welcome increase in average wages. They rose nearly 3% on an annualized basis, leading to renewed thoughts of coming inflation.
The jobs report came in time to lift London’s FTSE index to a higher close, even as the STOXX 600 lost 0.19%. Asian stock markets were mostly mixed.
The dollar responded to the jobs report by rallying higher, up 0.76%. Bond yields rose also, with the key 10-year Treasury climbing back over 2.4%. Oil prices were about unchanged, but enough to give crude its 4th week in a row of higher prices, closing at $53.66/bbl.
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