Saturday, 2 November 2019

S&P 500 hits record high as US economy appear in “good place”

Markets were mostly higher on Friday, with the S&P 500 rising 1.0 percent to another record high.

Elsewhere, the STOXX Europe 600 rose 0.7 percent but the Nikkei 225 fell 0.3 percent.

US stocks were boosted by the employment report for October, which showed a better-than-expected gain of 128,000 new jobs and upward revisions for the numbers in August and September.

JJ Kinahan, chief market strategist at TD Ameritrade, said that the employment data showed “tons of positives” while Steve Blitz, chief US economist for TS Lombard, said they “underscore the Fed’s perception that the economy is in a ‘good place’”.

The Institute for Supply Management’s October manufacturing activity index came in at 48.3 in October, up from 47.8 in September.

“The manufacturing sector weakness appears to be stabilizing after falling below the 50 level and into recession in August,” MUFG chief economist Chris Rupkey, said.

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