Stock market today: Asian stocks follow Wall St up after strong U.S. jobs report

📆 05/06/2023 20.45.00
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Asian stocks followed Wall Street higher on Monday after strong U.S. hiring data suggested a possible recession might be further away, while smaller wage gains stoked hopes inflationary pressures are weakening.

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"Markets appear poised to ride last week's upward momentum as bubbly risk appetite finds a comfort pillow in hopes for a U.S. soft landing," said Stephen Innes of SPI Asset Management in a report. Industrial companies, energy producers and banks rose. Exxon Mobil advanced 2.3% as prices for crude oil climbed on hopes that a resilient economy would burn more fuel.

Following the report, traders were largely expecting the Fed to hold interest rates steady at this month's meeting. That would be the first time it hasn't hiked rates in more than a year.

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