Solid jobs data lifts US stocks
[NEW YORK] Wall Street stocks rose early Friday on a solid US jobs report as shares of large banks rallied on news the Trump administration will roll back financial regulations.
The January US employment report included a better-than-expected 227,000 new jobs last month, keeping up the positive trends from the Obama years into the start of the term of President Donald Trump.
Large banks such as JPMorgan Chase and Bank of America rose almost two per cent as administration officials signalled that Trump will order a review of the Dodd-Frank law enacted after the 2008 financial crisis.
About 10 minutes into trade, the Dow Jones Industrial Average was at 19,988.05, up 0.5 per cent.
The broad-based S&P 500 gained 0.4 per cent to 2,290.82, while the tech-rich Nasdaq Composite Index advanced 0.3 per cent to 5,655.39.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
JPMorgan says India index inclusion on track, clients ready
Asia: Markets mostly rise as US data boosts rate hopes
Singapore stocks advance at Friday’s open, STI up 0.4%
Stocks to watch: OCBC, Sri Trang Gloves, Wilmar, Great Eastern, F&N, SingPost
Europe: Stoxx 600 ends at record high; BBVA weighs on Spain
US: Stocks rise on hopes of interest rate cuts