Stocks surge after robust jobs report and dovish Powell remarks
Saturday, 5 January 2019 04:13 WIB | MARKET UPDATE |DOW JONESS & P 500 Standard & Poor's 500Saham ASNasdaq

U.S. stocks surged higher on Friday, buoyed by a better-than-expected jobs report for December and dovishly interpreted remarks by the chairman of the Federal Reserve.

The Dow Jones Industrial Average climbed more than 700 points, or 3.3% to close at 23,433.16. Meanwhile, the S&P 500 finished up 3.4% to 2,531.94 at close and the Nasdaq Composite was the best-performing major index, closing up 4.3% at 6,738.86.

Before the market open the Bureau of Labor Statistics said the U.S. economy added 312,000 jobs in December. Economists polled by MarketWatch were expecting an increase of 182,000.

Stocks received a further boost when Federal Reserve Chairman Jerome Powell said during a panel discussion that the central bank "will be patient as we watch to see how the economy evolves." Investors had become concerned that rising interest rates were weighing on equity prices.

In company news, shares of Netflix Inc. rose more than 9% after Goldman Sachs added the company to its Conviction List.

Source: Marketwatch

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