New York Stock Market Conditions: Dow Jones closed positive 222.24 points | RYT9

2023-11-03 23:34:12

The Dow Jones New York Stock Exchange Index closed positive on Friday (Nov. 3) as U.S. bond yields fell sharply following the release of data indicating that US employment growth slows and the unemployment rate increased which supports the hope that The Federal Reserve (Fed) will stop raising interest rates.

The Dow Jones Industrial Average closed at 34,061.32 points, an increase of 222.24 points or +0.66%, the S&P 500 index closed at 4,358.34 points, an increase of 40.56 points or +0.94%, and the Nasdaq index closed at 13,478.28 points, an increase of 184.09 points or +1.38%.

In this week The Dow Jones index rose 5.1%, its biggest gain since late October. 2022, the S&P 500 index rose 5.9%, its biggest gain since November. 2022, and the Nasdaq index rose 6.6%, the biggest weekly gain since November. 2022

The US Department of Labor said Friday that Non-agricultural employment figures increased by only 150,000 jobs in October. This is the lowest level in nearly 3 years or since January. 2021 and lower than analysts’ expectations of 188,000 jobs. The unemployment rate rose to 3.9%, while analysts predicted it might stabilize at 3.8%.

Lower-than-expected employment data dragged bond yields down for the fourth day in a row. The 10-year bond yield dropped to its lowest level in more than 5 weeks and helped support the stock market.

The Dow Jones and S&P 500 rose for the fifth straight day, while the Nasdaq rose for the sixth day in a row.

Most of the 11 sectors of the S&P 500 closed higher, led by the interest rate-sensitive real estate sector, which rose 2.4% to its highest level since late September.

Energy stocks were the only group to decline. It closed down more than 1% as oil prices dropped.

Apple shares fell 0.5% following forecast 1Q2024 sales were lower than expected.

The CBOE volatility index fell to a new 6-week low, indicating that Investors’ anxiety has decreased.

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