Stock exchanges in New York opened in gains on Friday. Investors on Wall Street are encouraged by the new data on the US labor market, which is much stronger than expected. This appears to be an indication that the US economy is recovering.
Last month, 379,000 jobs were added in the United States. The increase in jobs was mainly due to growth in the hospitality and leisure industries, with companies in some parts of the country re-employing thanks to the easing of closures. Thus the pace of job growth accelerated, because in the previous month, 166,000 jobs were added.
Supported by the jobs numbers, the Dow Jones rose 0.6 percent at 31,115 points shortly after the opening bell. The broadly coordinated S&P 500 won 0.5 percent to 3,787 points. The tech money has also improved somewhat, after Thursday’s heavy losses. The technology NASDAQ rose 0.1 percent in early trade at 12,737 points.
The price of oil
Dutch chip maker NXP gained about 2 per cent of the stock market value. The New York-listed company wants to reward its shareholders and thus announced that it will buy back its shares for $ 2 billion. NXP already delivered strong numbers for the fourth quarter of last month. The company has taken full advantage of the increased demand for chips from car companies and cellphone makers.
Moreover, the price of oil was clearly rising. The price of a barrel of US oil rose above $ 65 on Friday for the first time since January 2020. The price of oil supports the decision by OPEC and its allies to limit oil production again in April. On the contrary, production restrictions were expected to be eased.
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