Last Update: June 03, 2023, 02:41 AM IST
New York, United States (USA)
The tech-rich Nasdaq Composite Index rose 1.1 percent to end the week at a new 13-month high of 13,240.77.
The passage of the debt ceiling deal through both houses of Congress appears to have eased market fears
Wall Street stocks rose sharply on Friday, closing the week higher after a bumper jobs report and a deal in Congress to avert a US debt default.
A stronger-than-expected jobs report released Friday morning showed the US economy remains strong despite concerted action by the Federal Reserve to stoke demand in a bid to ease high inflation.
The passage of a debt limit deal through both houses of Congress sent Wall Street’s “fear gauge” plunging to its lowest level before the Covid-19 pandemic, as well as market fears of a potentially catastrophic debt default. has been reduced.
The tech-rich Nasdaq Composite Index rose 1.1 percent to end the week at a new 13-month high of 13,240.77.
The Dow Jones Industrial Average rose 2.1 percent to 33,762.76, while the broad-based S&P 500 added 1.5 percent to 4,282.37.
Angelo Kourkafas, investment strategist at Edward Jones, told AFP that the deal to suspend the US debt ceiling and the “Goldilocks” jobs report – neither very good nor very bad – meant the US economy “does not face an immediate risk of recession”. is falling”.
“The mixed job report that had something for both doves and hawks suggests they could possibly skip growth in June and tighten further if needed later in the year,” he said.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – AFP,
