2023-06-03 09:23:48
Technology stocks led Wall Street to rise at a strong pace, as bets increased that the US Federal Reserve will temporarily stop raising interest rates after a mixed US jobs report.
US stocks ended last week’s sessions on the upside, after the May labor market report showed an unexpected sharp rise in the number of jobs by 339 thousand jobs, and at the same time a less-than-expected rise in average wages on an annual basis, and an increase in the unemployment rate by more than expected, which raised some fears of a recession.
Wall Street investor sentiment also gained support after the debt ceiling crisis ended, as the Senate passed the debt ceiling law, days before the June 5 deadline set by the US Treasury Secretary, in what President Joe Biden considered a victory for the economy and the people.
The dollar index and Treasury bond yields rose after the strong employment data, despite the continued preference for the markets to keep the Federal Reserve on the interest rate at the current range of 5-5.25 percent, by more than 70 percent during the current month’s meeting, and with a likely increase of 25 basis points during the next July meeting.
weekly performance
At the end of trading on Friday, the Dow Jones Industrial Average rose by 2.12 percent, or 701 points, to 33,762 points, in the best daily performance since the end of November 2022, to achieve weekly gains of about 2 percent.
The “S&P 500” rose by 1.4 percent, equivalent to 61 points, at 4,282 points, but it rose 1.8 percent this week.
The Nasdaq Composite Index rose to the highest level in 13 months, by 1.1 percent, or 139 points, to record 13,241 points, and it rose 2 percent in total transactions for the week, and recorded gains for the sixth consecutive week in its best series of gains since January 2020.
Meanwhile, Wall Street’s “CBOE Fear Index” fell to its lowest level since February 19, 2020, as the Cboe Volatility Index, or VIX, fell to 14.60.
MongoDB rose 28 percent after the technology company announced quarterly results that beat estimates, with revenue up 29 percent year-on-year.
Lululemon rose 11.3 percent, after the sportswear seller posted better-than-expected results and boosted its full-year revenue forecast.
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