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U.S. Stocks Rally as Unemployment Rate Drops

U.S. Stocks Rally as Unemployment Rate Drops

 

U.S. stocks rose on better than expected data on unemployment, with major indexes gaining more than 1 percent on Friday. The U.S. jobless rate hit a two-and-a-half year minimum on Friday, while positive news on progressing talks on debt crisis in Europe fueled further U.S. stock market gains.

US Stocks

The Nasdaq Composite Index grew by 1.24 percent, to 2,658.79, followed by Standard & Poor’s 500 Index, which added 1.21 percent, and Dow Jones Industrial Average, which gained 1.01 percent. The unemployment rate decreased to its lowest level since March 2009, at 8.6 percent in November, according to a report by the U.S. Labor Department.

Financial stocks witnessed strongest gains, with Morgan Stanley and Goldman Sachs Group growing by 9 percent and 7 percent respectively. Citigroup jumped 5.2 percent and J.P. Morgan Chase added 6.7 percent on Friday.

Following today’s positive market development all three major U.S. stock indexes are back in black for 2011.

Positive news on debt talks in Europe helped local markets to close higher, with France’s CAC-40 going up by 1.4 percent and the Stoxx Europe 600 closing 1.1 percent higher.

Market analysts, however, question the ability of United States’ economy to sustain current employment growth, hinting that local private and public sectors would experience difficulties in creating new jobs at the same pace within the next few months.

 

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About the author

Stephanie Jowaski

Stephanie Jowaski is an experienced journalist with more than 14 years of experience behind her. With her focus on World news, she continues to deliver the breaking news that affects the different nations and ensure that her readers are presented with the information that is essential to the people of the world. When real world matters are pressing, you can count on her to deliver the stories that are going to have an actual impact on you and the world that you live in. Mrs. Jowaski also has experience in U.S. political matters as well. This experience allows her to provide input on how this can affect domestic relations and what these news stories can mean for your world. With that perspective, you will have the chance to fully understand how the world news she presents will affect your world. The world news she covers includes political affairs, health matters and other elements that are important for the general public to understand. This effective form of reporting has helped her to gain the trust of her readers and to ensure that the general public receives the information that they need about the pressing world issues that are out there in the world. Outside of work, Stephanie remains focused on her busy schedule raising a family of four with her husband. She remains passionate about world travel as well. While balancing both of these she is able to expand her experience to the point where it does benefit her readers.

 
 

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