Trading on US exchanges rose on Friday. By the close in New York, the Dow Jones was calculated at 49,609 points, marking a slight increase compared to the previous trading day. Earlier in the session, the broader S&P 500 reached approximately 7,399 points, up 0.8%, while the technology-focused Nasdaq 100 finished at around 29,235 points, gaining 2.4%.
According to Andreas Lipkow, Chief Market Analyst at CMC Markets, the positive market movement was underpinned by the recent labor statistics. He noted that the US economy created 115,000 jobs outside of agriculture in April-significantly exceeding market expectations of 65,000. Although hourly wages only rose 0.2%, falling short of the expected 0.3%, Lipkow argues that these figures temper a potential stagflationary scenario and help restore investor confidence. However, he cautioned that the overall indicators remain ambiguous, emphasizing that it remains to be seen whether the US economy will maintain its robust streak or if increased inflation concerns will lead to consumer spending cuts, impacting the labor market and corporate earnings moving forward.
The European currency also saw gains, with the Euro strengthening slightly on Friday evening. The exchange rate stood at 1.1764 US dollars per Euro, meaning the dollar bought 0.8501 Euros.
In commodity markets, gold prices achieved significant gains, reaching $4,743 per fine ounce (+1.1%) by the evening, which translates to an equivalent of €129.62 per gram. Oil prices saw an increase as well. By the end of the day, a barrel of Brent crude (North Sea grade) cost $100.60, representing a rise of 0.6%, or 55 cents, compared to the close of the previous trading day.
