Upbeat
U.S. jobs data provided the one sweet spot for investors in a week, which
otherwise had very little optimistic news as both the U.S. Federal Reserve and
the European Central Bank failed to deliver on the hoes they had built up in
the previous week to act strongly to revive global economies.
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The
markets ended with a fourth straight weekly rise marking the longest rally for
the Dow Jones Industrial Average(INDEXDJX:.DJI) since October last year. The
index rose 20.51 points or 0.2 percent to end the week at 13,096.17, its
highest level since May 3. The benchmark
S&P 500 gained 0.4 percent in the week to 1,390.99, and has gained 11
percent so far this year.
NASDAQ
Composite (INDEXNASDAQ:.IXIC) added 0.33% to close the week at 2,967.90 .The
gains in the index were largely led by heavy-weight technology companies. For
instance Apple Inc.(NASDAQ:AAPL) rose 5.2 percent, on expectations that the
stock may be included in the Dow index and its impending stock split and First
Solar, Inc.(NASDAQ:FSLR) was up 18 percent on its earnings.
Among
financials Metlife Inc(NYSE:MET) gained 9 percent though Knight Capital Group
Inc.(NYSE:KCG) plunged 61 percent on freak trades due to a technical snag in
its trading software.
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On
Friday the world's largest economy said it had added 163,000 jobs in July,
beating analyst estimates and this acted as trigger on the markets with the
S&P 500 reversing its losses sustained during the week to jump 1.9 percent
on the final trading day of the week.
Despite
the high unemployment rate at 8.3 percent, the addition of new jobs is welcome
news for an economy which has been in the prolonged slump since 2008, when the
financial crisis broke.
Germany's
Angela Merkel also made all the right noises when she said that her coalition
party would not obstruct ECB President Mario Draghi's bond auction plan
designed to give deb- ridden economies such as Italy and Spain some relief.
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