Saturday, 3 June 2017

Stocks rise as US employment grows less than expected

Markets rose on Friday.

The S&P 500 rose 0.4 percent to another record high, the STOXX Europe 600 rose 0.2 percent and the Nikkei 225 jumped 1.6 percent.

A Labor Department report on Friday showed that US employment rose 138,000 in May, below economists' forecasts.

Curt Long, chief economist at the National Association of Federally-Insured Credit Unions, wrote in a note that while a quarter-point rate hike by the Federal Reserve later this month remains likely, “the slowing pace of job growth combined with still-muted wage growth may lead some officials to downgrade their expectations for further policy tightening in the second half of the year”.

The US 10-year Treasury yield fell nearly six basis points while oil fell 1.5 percent.

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