Global Market at 2023 Highs: Wall Street soars amid economic speculations
US Market: Wall Street climbed back to its best level in 20 months on Friday following a stronger-than-expected report on the U.S. job market. The S&P 500 rose 0.4%, enough to clinch a sixth straight winning week for the index, which is its longest such streak in four years.
Wall Street’s main measure of health is now just 4% below its record set at the start of last year. The Dow Jones Industrial Average rose 130 points, or 0.4%, and the Nasdaq composite gained 0.4%. Yields rose more sharply in the bond market following the report, which said U.S.
employers added more jobs last month than economists expected. Workers’ wages also rose more than expected, and the unemployment rate unexpectedly improved. The strong data keep at bay worries about a possible recession, at least for a while longer, and stocks of some companies whose profits are closely tied to the strength of the economy rallied.
Energy-related stocks had the biggest gain of the 11 sectors that make up the S&P 500, rising 1.1% as oil prices strengthened amid hopes for more demand for fuel. Carrier Global climbed 4.5% for one of the market’s bigger gains after it said it agreed to sell its security business, Global Access Solutions, to Honeywell for $4.95 billion. But the worry on Wall Street is that the remarkably resilient job market could also end up giving inflation more fuel.
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