Dow rises by 0.52% while Nasdaq adds 199.98 points, or 1.47%, to 13,814.49. FMTNews
WASHINGTON: Global stocks rallied on Friday and closed near all-time highs, and oil and gold rose while the dollar dropped after US jobs data was strong but not as robust as expected, easing investor worries that the Federal Reserve would soon rein in monetary stimulus.
A stronger-than-expected jobs report would have heightened worries that the Fed might contemplate paring back its bond-buying program and raising interest rates. Market whispers had been for a stronger number, analysts said. US Labor Secretary Marty Walsh in an interview with CNBC welcomed a “good, solid” jobs report and predicted more Americans would get back to work in coming months as more are vaccinated.
Analysts said investors were watching progress for proposed US infrastructure spending. President Joe Biden rejected a new proposal from Republican Senator Shelley Moore Capito, the White House said. They were scheduled to meet on Monday. The dollar index fell 0.39%, with the euro up 0.36% to US$1.2168. Strategists in a Reuters poll were almost evenly split on the dollar’s near-term direction.
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