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 St Petersburg Star 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 St Petersburg Star.
More InformationMOSCOW, Russia: A leading Russian scientist in the field of hypersonic flight, Dr. Alexander Shiplyuk, has been arrested on suspicion ...
Bern's sanctions against Russia mean it cannot represent Ukraine in Moscow, Russian officials insistSwitzerland cannot represent Ukraine's diplomatic interests in ...
Their market share has been steadily increasing since Apple and Samsung paused sales, Kommersant reportsChinese brands now make up the ...
Today, this epochal symbol looks strange and ridiculous, but, 50 years ago, gold teeth could have been a major "asset" ...
No other foreigners made such an enormous contribution to the development of Russian architecture as the Italians. 1. Aristotele FioravantiIvan ...
Italians, Frenchmen, Germans and other foreigners used to actively live and work in Russia, invited to share their experience and ...
ZAGREB, Croatia: Authorities have said that a weekend bus crash near Varazdin in Croatia killed 12 passengers and injured 32.The ...
WASHINGTON D.C.: The U.S. will participate in a joint military exercise in mid-October with India, less than 62 miles from ...
SEOUL, South Korea: South Korea has launched a domestically manufactured lunar orbiter that took off from Florida's Cape Canaveral Space ...
MOSCOW, Russia: A leading Russian scientist in the field of hypersonic flight, Dr. Alexander Shiplyuk, has been arrested on suspicion ...
LOS ANGELES, California: During a meeting that was disrupted by protesters this week, the Los Angeles City Council voted to ...
WASHINGTON D.C.: The U.S. Justice Department announced this week that former Puerto Rico governor Wanda Vazquez has been arrested in ...