Wall street has closed with good increases after the publication of the most important data of the week: the employment report May in the United States. Still, the top three indices advanced a slight 0.7% for the week, more than enough to bring the Dow Jones and the S&P 500 closer to new all-time highs.
After the weakness shown by the April data, when the American economy created 266,000 jobs, well below the anticipated million, the data for May has been 559,000 jobs.
A higher figure, but which continues below that expected by the consensus, which anticipated a figure of 671,000.
On the positive side, unemployment rate has fallen from 6.1% to 5.8%, somewhat better than the 5.9% anticipated by the experts.
We remember that the employment data of the ADP consultancy published this Thursday widely exceeded forecasts, as it showed the creation of 978,000 jobs, compared to 650,000 anticipated.
In any case, the most interesting thing is the market reaction and, above all, public debt. Because after the good employment and services data published yesterday, the profitability of the 10-year American bond rose to 1.61%, which penalized the Nasdaq, which was down 1%. However, the data published this Friday had the opposite effect, and the yield of the US bond relaxed to 1.60%.
We recall that investors fear that good economic data will cause a rise in inflation and force the Fed to withdraw its stimulus, which hurts growth stocks, such as tech stocks.
"Despite the strength of the American economy in general terms, it is necessary to see an acceleration in the improvement of the labor market to consider the full recovery, and that is why the employment data are key to determining when the withdrawal of monetary stimuli is announced and begins to be implemented", they point out from Renta 4.
We remember that The Federal Reserve (Fed) meets on June 16 and any comments on the start of the debate to withdraw stimuli (tapering) will be closely scrutinized by investors.
At the business level, European Comission has formally opened an investigation into Facebook considering that distorts the competition in the classifieds sector.
In other markets, oil rose 0.4% to $ 69.13. The euro depreciates 0.1% and changes to $ 1.2111, while the ounce of gold down 0.1% to $ 1,873. And the profitability of 10-year American bond it rises slightly to 1.63%. Finally, the bitcoin down 5% to $ 36,527.
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