Saturday, 6 March 2021

US stocks surge, employment jumps

Markets were mixed on Friday.

The STOXX Europe 600 fell 0.8 percent and the Nikkei 225 fell 0.2 percent.

However, the S&P 500 recovered from early falls to end 2.0 percent higher after the US 10-year Treasury yield eased back to 1.55 percent after crossing 1.6 percent.

The Treasury yield had risen early on Friday after a report showed that nonfarm payrolls jumped by 379,000 in February and the unemployment rate fell to 6.2 percent. That compared to expectations of 210,000 new jobs and an unchanged unemployment rate of 6.3 percent.

“Today’s employment report confirmed an economy poised for a broader reopening,” said Gregory Faranello, head of US rates trading at AmeriVet Securities.

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