US surges at close, Dow tops 400 points

Friday, 04. November 2022 21:00

Major stock indexes in the United States rallied at close on Friday, following a volatile session, as the data on the country's employment, as well as the Federal Reserve's remarks, left traders pondering over the future of the country's economy.

While the nonfarm payroll employment in October increased by 261,000, the unemployment rate rose, sending mixed signals. Although Fed Chair Jerome Powell shared that the central bank might slow down the pace of rate hikes, he is still unsure when such a move could be made, as inflation remains high.

The Dow Jones jumped 1.26% or 401 points at the closing bell, with Nike soaring 5.96%. The Nasdaq 100 surged 11.50%, as JD.com pulled the index up by 9.74%. At the same time, S&P 500 advanced 1.36%, as Freeport-McMoRan shot up 11.50%. The euro was up 2.17% against the dollar at 3:59 pm ET, selling for 0.99619.

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Author:
Baha Breaking News (BBN) / AY