US Stock Market Rises After Mixed Jobs Report and End of Debt Ceiling Crisis

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Saturday, 03 June 2023 11:00 PM

technology stocks led, Wall Street To rise at a strong pace, with increasing bets that the US Federal Reserve will temporarily stop raising interest rates, after a mixed US jobs report..

US stocks ended last week’s sessions on the upside, after the May labor market report showed an unexpected sharp rise in the number of jobs by 339 thousand jobs, and at the same time a less-than-expected rise in average wages on an annual basis, and an increase in the unemployment rate by more than expected, which raised some fears of a recession.

Investor sentiment on Wall Street also gained support after the debt ceiling crisis ended, as the Senate passed the debt ceiling law, days before the June 5 deadline set by the US Treasury Secretary, in what President Joe Biden considered a victory for the economy and the people..

And Sky News stated that the dollar index and Treasury yields rose after the strong employment data, despite the continued preference for markets to keep the Federal Reserve on the interest rate at the current range of 5-5.25 percent, by more than 70 percent during the current month’s meeting, and with a likely increase of 25 basis points during next July meeting.

At the end of trading on Friday, the Dow Jones Industrial Average rose by 2.12 percent, or 701 points, to 33,762 points, in the best daily performance since the end of November 2022, to achieve weekly gains of about 2 percent..

as rose “S&P 500” By about 1.4 percent, equivalent to 61 points at 4,282 points, but it rose 1.8 percent this week..

The Nasdaq Composite Index rose to the highest level in 13 months, by 1.1 percent, or 139 points, to record 13,241 points, and it rose 2 percent in total transactions for the week, and recorded gains for the sixth consecutive week in its best series of gains since January 2020.

Meanwhile, the ‘fear index’ decreased CBOE” on Wall Street to its lowest level since February 19, 2020, as the volatility index fell (Cboe)or (VIX)to 14.60.

share increased “MongoDB ” By 28 percent, after the technology company announced quarterly business results that beat estimates, as revenue rose 29 percent year-on-year..

The company’s shares also rose “Lululemon” Up 11.3 percent, after the sportswear seller posted better-than-expected results and boosted its full-year revenue forecast.