Dow Jones soars 600 points as NFP data calms recession fears, weekly gains top 3%
The post Dow Jones soars 600 points as NFP data calms recession fears, weekly gains top 3% appeared on BitcoinEthereumNews.com.
April Nonfarm Payrolls beat consensus at 177K; Unemployment Rate steady at 4.2%, easing recession concerns. Trump pressures Fed to cut rates despite upbeat data; CBOT shows 88 bps of easing priced in. Apple and Amazon fall on China sales miss and cloud growth slowdown despite beating EPS forecasts. The Dow Jones Industrial Average (DJIA) rallied over 600 points, or over 1.65%, on Friday following a solid US jobs report that brushed aside fears that the largest economy in the world is tied into a recession. The Dow is set to end the week with gains of over 3% and, at the time of writing, hovers past the 41,300 mark after rebounding off the daily low of 40,658. DJIA rallies past 41,300 as solid NFP data boosts sentiment, even as Fed rate cut expectations hold steady US Nonfarm Payrolls in April increased by 177K, down from the downwardly revised number of 185K in March, but exceeding estimates of 130K. Earlier in the week, a dismal ADP National Employment Change report suggested that companies were hiring fewer people than the NFP revealed. Also, the Unemployment Rate remained unchanged at 4.2%, aligned with forecasts, which might prevent the Federal Reserve (Fed) from easing policy. Karen Georges, an equity fund manager at Ecofi in Paris, said, “These good numbers are not likely to fuel inflation, but this is no game changer for the Federal Reserve and Jerome Powell.” US President Donald Trump took advantage of the good figures and slammed Fed Chair Jerome Powell in a post on his Truth Social network, demanding the Fed lower interest rates. US Factory Orders in March rose by 4.3% MoM, up from 0.5% the previous month but slightly below the 4.5% foreseen. Stocks related news In the meantime, Apple (APPL) and Amazon (AMZN) shares are down 3.5%…
