Wall Street Opens Higher Despite Disappointing US Job Report

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The stock exchanges in New York opened with a profit on Friday, further building the day’s records earlier.

 

Investors on Wall Street are processing a disappointing job report from the US government, sparking hopes for even more aid measures to get the United States economy through the corona crisis.

Shortly after opening, the Dow Jones index recorded a plus of 0.2 percent at 31,094 points. The broad S&P 500 rose 0.4 percent to 3816 points, and the Nasdaq technology exchange climbed 0.7 percent to 13,027 points. On Thursday, the three leading indicators closed at new record levels.

US employment fell unexpectedly in December. According to the Ministry of Labor, this is the first job decline since last spring’s major corona blow. In total, excluding agriculture, 140,000 jobs were lost, while economists on average had expected about 50,000 extra jobs.

The figures point to a hitch in the earlier recovery of the US labour market due to the country’s rising number of corona infections.

Pharmaceutical Moderna gained 1 percent in stock market value, after the news that the British regulator has approved its corona vaccine. Following the vaccines from Pfizer / BioNTech and AstraZeneca, that from Moderna can now also be administered in the United Kingdom. The European Commission approved Moderna’s vaccine earlier this week.

Chip group Micron Technology advanced 3.5 percent, thanks to a better than expected outlook. Due to the many working from home due to corona and the switch to 5G technology for smartphones, Micron sees the demand for its chips increasing.

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