Economy

Stock Market Hits Another Record High After Positive Jobs Report

Stock Market Hits Another Record High After Positive Jobs Report”

SPDR Dow Jones Industrial Average ETF has a 1-year low of $178.64 and a 1-year high of $219.03.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7 percent and South Korea's tech-heavy Kospi index slumped 1.7 percent to its lowest level in over three weeks.

The Reserve Bank of India said the benchmark repo rate - the level at which it lends to commercial banks - would be cut by 25 basis points to six percent, a near seven-year low.

St Louis Federal Reserve James Bullard is opposed to further USA interest rate increases by the central bank, Market News International reported, and warned that more hikes could hinder domestic inflation.

The Department of Labor said USA employers added 209,000 jobs last month. The firm owned 35,737 shares of the company's stock after selling 650 shares during the period.

Smaller companies, for example, were supposed to be big winners if USA tax rates dropped because they tend to do more of their business domestically, and they do not have the armies of accountants that big multinational corporations use to lower their tax bills.

The blue-chip Dow Jones Industrial Average closed over the 22,000 mark for the first time on Wednesday, but investor fears about the sustainability of the gains took the shine off the round number milestone.

This could also prove a drag on the economy as higher costs will further weigh on real disposable incomes (which fell last month for the first time since December) and consumer spending. Also, large-cap stocks perform better in a weaker dollar environment - like what we are witnessing now - since the former has substantial foreign exposure. The yield on the 10-year Treasury note climbed to 2.26 percent from 2.22 percent as investors concluded it is more likely the Federal Reserve will raise interest rates again later in the year.

Zemsky, of Voya, said that with the economy and corporate earnings doing well, investors will stay the course unless something much more dramatic happens. "It's not going up on the Trump agenda", Siegel said. The company said demand for its NovaSeq genetic sequencing system was better than expected, and its stock gained $21.65, or 12.6 percent, to $193.95.

Weight Watchers was worth under $7 a share when Oprah Winfrey bought a 10-percent stake in it in 2015 and appeared in an ad for the company. A return to strong profit growth for US companies is one of the biggest reasons, analysts say. Technology led the way with a 0.5% gain while telecoms were the laggards, down 1.3%. The euro was up 0.45 per cent to US$1.1854.

The dollar fell to 110.06 yen from 110.61 yen. In comparison, analysts, on average, had projected earnings of $1.86 per share.

USA crude settled up 0.9 per cent at US$49.59 per barrel and Brent settled up 1.1 per cent at US$52.36 on the day as surging United States fuel demand offset data from the Energy Department that showed crude inventories did not fall as much as expected last week. On the Nasdaq, 1,420 issues fell and 1,205 advanced. This represents a $2.83 dividend on an annualized basis and a dividend yield of 1.29%.



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