For the week, the S&P 500 gained 0.55 per cent, the Nasdaq rose 1.43 per cent, and the Dow climbed 1.14 per cent. The Russell 2000 small cap index rose 1.56 per cent. — Reuters picNEW YORK, May 4 — A gauge of global stocks rallied while Treasury yields fell yesterday after a US payrolls report was softer than anticipated, easing concerns the Federal Reserve would keep interest rates higher for longer.
Recent data on inflation and the labour market had fuelled concerns the Fed could would be forced to keep rates higher for longer than the market was anticipating, or even raise rates again.But at the end of its policy meeting on Wednesday, Fed Chair Jerome Powell the next move in rates would be down, seeing an unlikely chance of a rate hike.
Of the 397 companies in the S&P 500 that have reported earnings through yesterday morning, 76.8 per cent have topped analyst expectations, according to LSEG data, compared with the 67 per cent beat rate since 1997 and the 79 per cent over the past four quarters. Treasury yields fell, along with the dollar, after the payrolls report as investors increased expectations for a rate cut this year from the Fed in September, with markets pricing in a 66.8 per cent chance for a cut of at least 25 basis points , up from 61.6 per cent in the prior session, according to CME’s FedWatch Tool.
MSCI’s gauge of stocks across the globe rose 8.67 points, or 1.14 per cent, to 769.19 and was up 0.91 per cent on the week, on pace for its second straight weekly gain. The yen continued its recovery from 34-year lows, capping a tumultuous week that saw suspected intervention from Japanese authorities on two occasions.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: malaymail - 🏆 1. / 86 Read more »