https://sputnikglobe.com/20230505/us-dow-surges-nearly-550-points-after-strong-jobs-report-improved-bank-shares-1110129532.html
US Dow Surges Nearly 550 Points After Strong Jobs Report, Improved Bank Shares
US Dow Surges Nearly 550 Points After Strong Jobs Report, Improved Bank Shares
Sputnik International
US stocks experienced a massive rally on Friday, thanks in large part to the unexpectedly strong jobs report and shares of regional banks managing to climb back from earlier lows.
2023-05-05T20:05+0000
2023-05-05T20:05+0000
2023-05-05T20:20+0000
economy
us stocks
dow jones industrials average index
us economy
banking system
financial crisis
us debt ceiling crisis
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US stocks experienced a massive rally on Friday, thanks in large part to the unexpectedly strong jobs report and shares of regional banks managing to climb back from earlier lows.At closing, the Dow Jones Industrial Average Index skyrocketed by 546.64 points as the S&P500 rose by 75.03 points. The Nasdaq Composite finished in the green with 269.01 points, or 2.25%.The Friday figures came on the heels of a US jobs report that revealed the US economy managed to add some 253,000 jobs for the month of April, exceeding initial forecasts that suggested stats would range below the 200,000 mark.The report also outlined the unemployment rate fell to 3.4%, with the labor force participation rate holding at 62.6%.The jobs report was not the only factor in Friday's closing numbers. In fact, the spike was also partly due to a rally in Apple's shares and the since-established sentiment that the US banking system appears to be on the up and up.JPMorgan Chase helped improve the overall feeling on the banking crisis after issuing an earlier note that Western Alliance, Zions Bancorp ad Comerica had been "substantially mispriced" due to short-sells.Banking shares had plummeted earlier this week amid investor fears that the US was on the verge of a financial crisis the likes of the 2008 economic downfall that resulted in mass layoffs, foreclosures and bank bailouts. The situation was further compounded by the Federal Reserve's interest rate spike and JPMorgan Chase's acquisition of the First Republic Bank.The US' current banking crisis kicked off at the start of the year with the collapse of the Silicon Valley Bank and the subsequent demise of Signature Bank. The First Republic Bank fall was the second-largest financial institution to fail in US history.
https://sputnikglobe.com/20230503/powell-claims-banking-system-sound-resilient-but-us-may-see-mild-recession-1110068284.html
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us dow jones industrial average index, us jobs report, regional bank shares, us economy
us dow jones industrial average index, us jobs report, regional bank shares, us economy
US Dow Surges Nearly 550 Points After Strong Jobs Report, Improved Bank Shares
20:05 GMT 05.05.2023 (Updated: 20:20 GMT 05.05.2023) Federal Reserve Chairman previously relayed to the US public that concerns regarding the US banking fallout was on the mend, but that it was possible a mild recession could come to fruition. In addition to the banking hiccups rattling the nation, Americans have also been held up by Capitol Hill, where lawmakers continue to debate the debt ceiling.
US stocks experienced a massive rally on Friday, thanks in large part to the unexpectedly strong jobs report and shares of regional banks managing to climb back from earlier lows.
At closing, the Dow Jones Industrial Average Index skyrocketed by 546.64 points as the S&P500 rose by 75.03 points. The Nasdaq Composite finished in the green with 269.01 points, or 2.25%.
The Friday figures came on the heels of a US jobs report that revealed the US economy managed to add some 253,000 jobs for the month of April, exceeding initial forecasts that suggested stats would range below the 200,000 mark.
The report also outlined the unemployment rate fell to 3.4%, with the labor force participation rate holding at 62.6%.
Ahead of the report's release insiders had feared job growth would decline for the third month straight amid a struggling economy.
However, despite the positive swing, some forecasts suggest a slowing down is in the works in light of the debt ceiling stalemate in Washington, DC, and lingering concerns of the US banking sector.
The jobs report was not the only factor in Friday's closing numbers. In fact, the spike was also partly due to a rally in Apple's shares and the since-established sentiment that the US banking system appears to be on the up and up.
JPMorgan Chase helped improve the overall feeling on the banking crisis after issuing an earlier note that Western Alliance, Zions Bancorp ad Comerica had been "substantially mispriced" due to short-sells.
Banking shares had plummeted earlier this week amid investor fears that the US was on the verge of a financial crisis the likes of the 2008 economic downfall that resulted in mass layoffs, foreclosures and bank bailouts. The situation was further compounded by the Federal Reserve's
interest rate spike and JPMorgan Chase's
acquisition of the First Republic Bank.
The US' current banking crisis kicked off at the start of the year with the collapse of the Silicon Valley Bank and the subsequent demise of Signature Bank. The First Republic Bank fall was the second-largest financial institution to fail in US history.
