Market Commentary - Foreign Markets
DOW ends at fresh record after strong US nonfarm data As on : 07-Oct-24  12:12

The US stock markets edged up steadily on Friday; with the major averages recording a firm close as impressive upbeat non-farm payroll data helped offset concerns about Middle East tensions. This made the indices recoup some of the recent losses after a choppy start to the October quarter trading. The Dow ended at a fresh record high at 42,352.75, adding 0.81% on the day while the S&P 500 ended up 0.9%. The Nasdaq also soared 1.22%.

A closely watched update from the Labor Department on Friday showed that US non-farm payroll employment rose by 254,000 jobs in September after climbing by an upwardly revised 159,000 jobs in August. The Labour Department had shown an addition of 142,000 jobs originally for the previous month. This is the largest addition in nonfarm jobs in last six months. US unemployment rate slipped 4.1% in September from 4.2% in August, reflecting an overall improvement in US labour markets. This data indicated that the US labor markets are in a decent shape and provided good support for the US equity indices.

Meanwhile, WTI Oil futures soared above $75per barrel on Friday, marking their highest level in four weeks and eyeing the strongest weekly gain since March 2023. The escalating conflict in the Middle East fueled supply fears, especially after US President Biden avoided condemning potential Israeli strikes on Iran's oil facilities.

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