Dow gained more than 300 points following NFP

Weekly Report - 07/10/2019

Dow gained more than 300 points following NFP


Last Friday US Stocks finished higher while the latest US jobs announcement caught Wall Street in a good mood. The Nasdaq Composite advanced 1.4% to finish at 7,982.45. For the week, though, the Dow and S&P 500 registered 3 days of decline. The Dow Jones Industrial Average rose more than 350 points, ending at 26,573.74. The S&P 500 improved 1.4% to 2,952.00.  The NASDAQ rose about 0.5% week to date. The U.S. economy totaled 136,000 jobs in September. Experts surveyed by Dow Jones anticipated an addition of 145,000 jobs. Yet, the unemployment rate dropped to 3.5%, a 50-year low.

The Week that was

Last Thursday US Stocks regained some of their previous losses from a sharp two-day sell-off due to increasing expectation that the Federal Reserve will lower interest rates after this month. The technology sector led with Facebook growing by 2.7% while Alphabet rose 1% and Amazon advanced 0.7%, Apple ended 0.9% higher. The S&P 500 increased 0.8% to 2,910.62. The Dow Jones Industrial Average finished 122.42 points higher, at 26,201.02 while the Nasdaq Composite surged more than 1% to 7,872.25.


Main Focus This Week

This week the shortage of statistical numbers will probably not be the main driver for the Major currencies and will probably be affected by geopolitics. Now regarding the discussions about the Brexit, those will resume on Monday. With the EU forcing the UK for major adjustments to be executed to last week’s recommendations. Prime Minister Boris Johnson repeated his position on dragging Britain outside of the EU at the end of the month, in spite of the Benn Act. As for the Trade, discussions between the US and China will reopen this coming week. Some development is required to be made to improve the majors. Economic data was weak last week and failure in talks will place more pressure on central banks to act more aggressively.


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