Lola Evans
04 Feb 2023, 07:11 GMT+10
NEW YORK, New York - Strong economic data failed to stem profit-taking on the major U.S. bourses on Friday, while the out-of-favor U.S. dollar rebounded sharply, while Treasury yields jumped.
The January jobs report revealed nonfarm payrolls rose by 517,000 in January, well ahead of the 187,000 expected.
The unemployment rate dropped to 3.40 percent, below the 3.60 percent forecast. Unemployment in the U.S. is now the lowest in more than fifty years (May 1969).
"It was a phenomenal report," Michelle Meyer, chief U.S. economist at the Mastercard Economics Institute told CNBC Friday. "This brings into question how we're able to see that level of job growth despite some of the other rumblings in the economy. The reality is it shows there's still a lot of pent-up demand for workers where companies have really struggled to staff appropriately."
Meyer was not alone in her jubilation.
"Today's jobs report is almost too good to be true," Julia Pollak, chief economist at ZipRecruiter said in a note Friday. "Like $20 bills on the sidewalk and free lunches, falling inflation paired with falling unemployment is the stuff of economics fiction."
Despite the euphoria, the Nasdaq Composite sank 193.86 points or 1.59 percent to 12,006.96.
The Standard and Poor's 500 dropped 43.28 points or 1.04 percent to 4,136.48.
The Dow Jones industrials gave up 127.93 points or 0.38 percent to 33,926.01.
The U.S. dollar had a stellar day Friday basking in the light of the jobs report. The euro slumped to 1.0793. The British pound sank to 1.2050. The Japanese yen fell to 131.14. The Swiss franc was sharply lower at 0.9262.
The Canadian dollar weakened to 1.3401. The high-flying Australian dollar's bubble burst, with the Aussie diving to 0.6922 by the U.S. close Friday. The New Zealand dollar dropped a full one-and-ap-half cents to 0.6324.
On overseas equity markets, the CAC 40 in Paris, France advanced 0.94 percent. The German Dax was off 0.21 percent. In London, the FTSE 100 gained 1.04 percent after hitting a record high.
China's Shanghai Composite lost 068 percent. The Hang Seng in Hong Kong was down 1.36 percent. In Japan, the Nikkei 225 rose 0.39 percent.
The Singapore Straits Times Index increased 0.61 percent Friday. The Australian All Ordinaries was ahead 0.56 percent. Across the Tasman, New Zealand's S&P/NZX 50 gained 0.37 percent.
In Seoul, South Korea, the Kospi Composite rose 0.47 percent.
(Photo credit: David L. Nemec | NYSE).
Get a daily dose of Dublin News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dublin News.
More InformationREDMOND, Washington: Microsoft President Brad Smith said there is no chance of super-intelligent artificial intelligence (AI) being developed within the ...
NEW YORK: A survey by Consumer Reports found that electric vehicles (EV) from 2021 through 2023 model years encountered nearly ...
LONDON, UK: In a report released this week, the Economist Intelligence Unit (EIU) said that Singapore and Zurich tied for ...
WASHINGTON D.C.: This week, the U.S. Federal Aviation Administration (FAA) said it implemented a new aircraft certification policy, which requires ...
WASHINGTON D.C.: As businesses built more warehouses and accumulated machinery equipment, the U.S. economy grew faster than initially forecast in ...
WASHINGTON D.C.: This week, the White House said that Senior Biden administration officials met with the makers of respiratory syncytial ...
HELSINKI, Finland: After Finland joined the North Atlantic Treaty Organization (NATO) earlier this year, hundreds of migrants from the Middle ...
CHISINAU, Moldova: Over the weekend, heavy snowfall and strong blizzards in Romania, Moldova and Bulgaria left one person dead and ...
DHAKA, Bangladesh - The European Union (EU) expressed hope on Wednesday that Bangladesh would hold democratic, credible, peaceful, and participatory ...
DUBLIN, Ireland - The government has admitted that it may not be able to accommodate all asylum seekers who arrive ...
The U.S. is running out of money and time helping Ukraine in its defense against Russian aggression, Office of Management ...
Such a move would only lead to the emergence of an illegal market and spike in female mortality, Valentina Matvienko ...