Global markets: US stocks jump as treasury yields dip after US jobs market softens
US Federal Reserve may be done hiking interest rates. MSCI's gauge of stocks across the globe gained 1.18%. The MSCI index was up 5.3% for the week, also the biggest weekly percentage increase since November 2022.
The US stock market indices ended higher on Friday as bond yields fell sharply after data showed signs of slowing US jobs growth and an uptick in unemployment. The Dow Jones Industrial Average rallied 222.24 points, or 0.66%, to 34,061.32, while the S&P 500 gained 40.56 points, or 0.94%, to 4,358.34. The Nasdaq Composite ended 184.09 points, or 1.38%, higher at 13,478.28.
For the week, the S&P 500 rallied 5.9% and Nasdaq surged 6.6%, posting their biggest gains since November 2022. The Dow jumped 5.1% for the week, its biggest since late October 2022. Also Read: FIIs offload ₹12 crore in Indian stocks, analysts see near-term short-covering; DIIs infuse ₹403 crore The jobs data raised hopes that the US Federal Reserve was done with its interest rate hikes, pushing the US Treasury yields lower for the fourth consecutive session.
The benchmark 10-year Treasury yield hit its lowest level in over five weeks during the session. Among stocks, Apple shares fell 0.5%, Block surged 10.7%, while Fortinet declined 12.4%. US job growth slowed in October, while the increase in annual wages was the smallest in nearly 2-1/2 years, pointing to an easing in labor market conditions.
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