Lola Evans
06 Aug 2022, 06:10 GMT+10
NEW YORK, New York - Wall Street was in disarray Friday despite positive news on the employment front which sent the U.S. dollar sharply higher.
Jobs growth in the United States has surged in the past month, according to a Labor Department report released on Friday.
Unemployment has dipped to 3.5 percent, down from 3.6 percent the previous month. Nonfarm payrolls rose by 528,000 jobs in July, the biggest gain since February. Data for June was revised higher to show 398,000 jobs created instead of the previously reported 372,000.
"If the U.S. economy is in a recession, no one seems to have told employers," Sarah House, a senior economist at Wells Fargo in Charlotte, North Carolina told Reuters Friday.
"We suspect this data will give the Fed the confidence it needs to push ahead aggressively with its fight against inflation."
Despite the positive jobs data, stocks were mixed. The Dow Jones gained 76.65 points or 0.23 percent to 32,803.47.
The Nasdaq Composite fell 63.03 points or 0.50 percent to 12,657.55.
The Standard and Poor's 500 slipped 6.75 points or 0.16 percent to 4,145.19.
The euro sank to 1.0162 towards the New York close Friday, on the back of the jobs data. The British pound slumped to 1.2028. The Japanese yen tumbled to 134.70. The Swiss franc declined to 0.9624.
The Canadian dollar was sharply lower at 1.2954. The Australian dollar dropped to 0.6888. The New Zealand dollar was unwanted at 0.6231.
On overseas equity markets, the German Dax shed 0.65 percent. The Paris-based CAC 40 was down 0.63 percent. In London, the FTSE 100 lost 0.11 percent.
The Australian All Ordinaries increased 42.80 points or 0.59 percent to 7,250.30.
South Korea's Kospi Composite rose 17.69 points or 0.72 percent to 2,490.80.
In Japan, the Nikkei 225 added 243.67 points or 0.87 percent to 28,175.87.
China's Shanghai Composite strengthened 37.99 points or 1.19 percent to 3,227.03.
Going against the trend, New Zealand's S&P/NZX 50 dipped 7.00 points or 0.06 percent to 11,728,47.
In Hong Kong, the Hang Seng firmed 27.90 points or 0.14 percent to 20,201.94.
Get a daily dose of Oregon Telegraph 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 Oregon Telegraph.
More InformationPresident Joe Biden's bipartisan infrastructure law will disburse up to $239 million to help Georgia improve the resilience of transportation ...
With sky-high expectations after a monstrous talent haul at the trade deadline, the San Diego Padres might well have received ...
Washington [US], July 8 (ANI): Priyanka Chopra and Nick Jonas keep posting pictures of their drool-worthy vacations and fun gatherings ...
The Los Angeles Angels hope to have Shohei Ohtani available when they begin a rematch series against the host Oakland ...
Washington [US], August 8 (ANI): The Australian actor Paul Eenhoorn, best known for his critically acclaimed cameo appearances in the ...
The American leader has welcomed a ceasefire between Israel and Gaza militantsUS President Joe Biden has commended the Israeli government ...
SYDNEY, NSW, Australia - Stocks in Asia were mixed on Monday, but gains and losses were modest.There is concern the ...
CANBERRA, Australia: Australia's new government has announced plans to ban the development of a coal mine located near the Great ...
WASHINGTON D.C.: The U.S. Transportation Department said it could require airlines to offer passengers a refund if their flight schedules ...
LONDON, England: In 2023, America's Major League Baseball is set to return to London for the first time since 2019, ...
NEW YORK CITY, New York: A New York Federal Reserve report released this week indicated that Americans are struggling to ...
NEW YORK CITY, New York: The Department of Financial Services of New York State said it has fined the crypto ...