ROUNDUP / Aktien New York Conclusion: Strong job data drive Dow and S&P to records

closed 0.9 percent lower.

The US economy created more jobs than expected in July. In addition, hourly wages rose slightly more than expected, while the unemployment rate surprisingly fell significantly to its lowest level since the beginning of the Corona crisis in March 2020.

“It seems as if the US job machine is shifting up a gear and the recovery is accelerating,” said Christian Scherrmann, US economist at the DWS fund company, commenting on the data. “The labor market report shows that more and more people are finding their way back to normal, working longer and even earning a little more.” The positive surprise should bring the US Federal Reserve a step closer to the point at which it holds out the prospect of scaling back bond purchases, according to the economist.

Because banks benefit particularly from a tighter monetary policy with possibly rising interest rates soon – for example through higher income in the lending business – financial stocks recorded strong price gains on Friday. Goldman Sachs rose to first place in the Dow to a record high, at the end of trading they gained just under three and a half percent. JPMorgan followed with a plus of 2.8 percent. Wells Fargo won the S&P 500 3.8 percent and Bank of America 2.9 percent.

There was little company news before the weekend. The meat substitute manufacturer Beyond Meat reported strong sales growth for the second quarter, but disappointed with the outlook. The shares initially traded lower, but closed up 1.7 percent.

Novavax postponed plans to submit a Covid-19 vaccine submission from the third to the fourth quarter. Novavax had only postponed its plans to the third quarter in May. The papers collapsed by almost 20 percent on Friday. This wiped out the profits of the two previous days. In the middle of the week, the news that the EU had secured access to up to 200 million doses of a possible new corona vaccine from the USA triggered a fireworks display among the Novavax papers.

The euro put the US job data under pressure. The common currency slipped well below $ 1.18. After the US market closed, $ 1.1759 was paid for it. The European Central Bank (ECB) had set the reference rate at 1.1807 (Thursday: 1.1850) dollars, the dollar cost 0.8470 (0.8439) euros.

On the bond market, the futures contract for ten-year Treasuries (T-Note-Future) reacted to the labor market figures with minus 0.44 percent to 133.91 points. In return, the yield on ten-year government bonds rose to 1.304 percent./ajx/he

Source: dpa-AFX

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