The stock exchanges in New York closed considerably higher on Friday. Investors processed a worse-than-expected job report from the US government. However, they put their concerns about the US economy into hopes that the Federal Reserve will implement a new interest rate cut quickly. A speech by Fed chairman Jerome Powell further increased the prices.
The Dow Jones index closed with a gain of 1.4 percent and reached a score of 26,573.72 points. The broad S&P 500 also rose 1.4 percent to 2952.01 points. Nasdaq technology gauge measures 1.4 percent to 7982.47 points.
The job report plays an important role in the Fed’s interest rate policy. Earlier this week sentiment on Wall Street got a big blow due to very disappointing figures about American industry. Later, disappointing data about the service sector was added. IFed Chairman Jerome Powell said in a speech that the US economy has some risks, but is in good shape.
Apple won 2.8 percent. The technology group has increased the production of its latest iPhones due to strong demand. US politicians have asked streaming service Spotify for more information about possible abuse of power by Apple that his music service would have prejudiced Apple Music.
HP Inc went down nearly 10 percent. The computer and printer manufacturer plans to cut 9,000 jobs in order to save $ 1 billion in costs by the end of 2022. The job loss amounts to around 16 percent of the total workforce.
The collaboration between aircraft manufacturer Boeing (plus 1 percent) and Brazilian counterpart Embraer is being thoroughly investigated by the European Commission. Brussels is afraid that the deal reduces competition.
Payment company PayPal got out of Facebook’s libra project (plus 0.6 percent). Other financial companies would also have concerns about the attention of regulators for the crypto coin.
The euro was worth 1,0981 dollars, against 1,0975 dollars at the close of the European stock exchanges. The price of a barrel of American oil rose 0.7 percent to $ 52.84. Brent oil was 1.2 percent more expensive at $ 58.42 a barrel.