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Stocks jumped on Friday, building on strong weekly gains, as weak economic data increased the odds of easier monetary policy from the Federal Reserve

Author:
Valentin Lazarov
Market News

Stocks jumped on Friday, building on strong weekly gains, as weak economic data increased the odds of easier monetary policy from the Federal Reserve.

The Dow Jones Industrial Average closed 263.28 points higher at 25,983.94, led by gains in Microsoft and Apple. The climbed 1% to 2,873.34 as the tech sector outperformed. The Nasdaq Composite gained 1.7% to 7,742.10.

The U.S. economy added 75,000 jobs in May, marking the second time in four months that jobs growth totaled less than 100,000. Economists polled by Dow Jones expected an increase of 180,000 jobs. Wage growth also slowed.

Gold prices jumped 1% on Friday to their highest levels since April 2018 as a sharp slowdown in U.S. jobs growth sent the dollar lower on growing expectations that the Federal Reserve would cut interest rates this year.

Gold also has benefited from concerns that U.S. trade wars with Mexico and China will slow the global economy. The precious metal is up about 3% so far this week, on track for its biggest weekly gain since April 2016.

Oil prices rose on Friday, climbing further from five-month lows hit this week, after Saudi Arabia said OPEC was close to agreeing to extend an output production cut beyond June.

Brent crude futures rose 2.7% to $63.33 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 2.7% to $53.99 a barrel.

Both benchmarks were on track for a third weekly decline. On Wednesday they hit their lowest since January.

Saudi Energy Minister Khalid al-Falih told a conference in Russia that the Organization of the Petroleum Exporting Countries (OPEC) and its allies should extend oil production cuts.

He said that while OPEC was close to agreement, more talks were needed with non-OPEC countries that were part of the deal to reduce output by 1.2 million barrels per day (bpd), which runs out at the end of this month.

Source:CNBC

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.