NEW YORK – Wall Street’s major averages rallied on Friday as investors reacted positively to the December US jobs report, reported Xinhua.
The Dow Jones Industrial Average surged 700.53 points, or 2.13 per cent, to 33,630.61. The S&P 500 added 86.98 points, or 2.28 per cent, to 3,895.08. The Nasdaq Composite Index increased 264.05 points, or 2.56 per cent, to 10,569.29.
All the 11 primary S&P 500 sectors ended in green, with materials and technology up 3.44 per cent and 2.99 per cent, respectively, leading the advance.
The Labour Department reported Friday that the US economy added 223,000 jobs in December, slightly higher than the market estimate of 200,000 new jobs.
Meanwhile, hourly pay rose by 0.3 per cent, slightly less than expected and down from 0.4 per cent a month earlier.
Investors were partly relieved as the slower pace of wage increases offered positive signs on the inflation front, experts noted.
The Institute for Supply Management said that the US services PMI (Purchasing Managers’ Index) fell to 49.6 per cent in December from 56.5 per cent in the prior month. Numbers under 50 per cent indicate contraction in the sector. – Bernama