Strong quarterly reports from other US tech giants created record sentiment on US stock markets on Friday. Even the extreme strength of the labor market in January was ultimately interpreted as positive for stocks. The report casts doubt on the “soft landing” narrative, one market expert said.
Current employment data makes it clear that the economy is going full speed. Even if an interest rate cut in March is even more unlikely given this data and a first step in May is also quite uncertain, the data strengthens the outlook for solid corporate earnings, he said.
All three major US indices reached record levels. Wall Street's most famous index, the Dow Jones Industrial, is now approaching the 39,000 point mark and has at times risen to just under 38,800 points. It ended the day with a 0.35 percent profit margin at 38,654.42 points. Its weekly increase is 1.4 percent.
The S&P 500 is approaching 5,000 points
The S&P 500 of the entire market is advancing towards the 5,000 point mark and closed with a gain of 1.07 percent to 4,958.61 points. The Nasdaq 100, which also temporarily rose to a record high, ended trading up 1.72 percent at 17,642.73 points. Its weekly profit is 1.3 percent.
The US economy created many more jobs than expected in January. It is also the largest job increase in a year. Additionally, hourly wages, which the US Federal Reserve Bank pays close attention to due to inflation, rose much more than expected.
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