Wall Street shrugs off weak global data

340
1
Wall Street shrugs off weak global data

The unemployment rate was 3.60 percent, a two-year low, according to the U.S. Labor Department.

Brian Jacobsen, senior investment strategist at Allspring Global Investments in Menomonee Falls, Wisconsin, said that the job gains were broad and more people are going back to the office.

If other data is not this rosy between now and the next Fed meeting, the Fed will probably feel comfortable hiking by 50 basis points and announcing an aggressive rundown of its balance sheet. The Dow Jones Industrial Average was 139.92 points, or 0.40 percent, to close Friday at 34,818. The Standard and Poor's 500 added 15.45 points or 0.34 percent to 4,545. The Nasdaq Composite gained 40.98 points or 0.29 percent to 14,261. The U.S. dollar was little changed on foreign exchange markets. The euro was stuck around the 1.1050 level. The British pound fell to 1.3112 by the New York close Friday. The Japanese yen was higher to 122.51 but remained around six-year lows. The Swiss franc was down to 0.9256.

The Canadian dollar was slightly weaker at 1.2522. The Australian dollar was a bit higher at 0.7493. The FTSE 100 in London went up 0.30 percent on overseas equity markets. Germany had a 0.22 percent increase in the Dax. The Paris-based CAC 40 was 0.37 percent higher.

The Nikkei 225 in Japan went 115.45 points or 0.56 percent to close at 27,665. The Australian All Ordinaries fell by 3.70 points or 0.05 percent to 7,785. The Kospi Composite fell 17.87 points or 0.65 percent to 2,739. Hong Kong's Hang Seng went up 40.70 points or 0.19 percent to close Friday at 22,039.