Wall Street all climbed to new record highs after news of US job growth at its slowest rate in six months raised expectations for a bailout package for the economy.
|A teller at the New York Stock Exchange, USA. (Photo: AFP / VNA)|
The main indicators of Wall Street all hit a new record high on December 4th and ended the week in green, after information about the speed job growth in the US at a slowest rate in six months raising expectations for one bailout for this economy.
On December 4, the Dow Jones industrial index rose 246.27 points (equivalent to 0.82%) to 30,215.79 points, while the S&P 500 index added 32.4 points (0.88%) to 3,699. , 12 points. The Nasdaq Composite Technology Index also rose 87.05 points (0.7%) to 12,464.23 points.
The latest report from the US Department of Labor shows that the country’s non-farm jobs rose by 245,000 positions in November, well below economists’ expectations of 469,000 jobs and the smallest increase since when the labor market started to recover in May.
President-elect Joe Biden said the above information shows that the economic recovery in the US is stalled. He warned that the coming “dark winter” will aggravate the negative effects of the COVID-19 pandemic unless Congress immediately passes the bill to aid the economy.
Ryan Detrick, senior market strategist at investment consulting firm LPL Financial, said the weakening of the US job market could be good news for investors. Because it can help increase the possibility of the US Congress to quickly pass a new economic stimulus bill.
In general, the US stock market had a fairly positive trading week, although the main indexes still moved in opposite directions in some sessions.
[Chỉ số Nasdaq của thị trường Phố Wall đạt mức cao kỷ lục]
In the first session of the week of 30/11, US stocks reversed to go down due to investors promoting selling and taking profit because of the strong increase of the market recently. At the end of the session, the Dow Jones dropped 0.91%, the S&P 500 dropped 0.46% and the Nasdaq Composite lost 0.06%.
The rally returned to Wall Street in December 1 in hopes of an economic recovery thanks to optimistic Chinese data and expectations for the COVID-19 vaccine to hit the market by 2021. Dow Jones Industrial Index The S&P 500 and the Nasdaq Composte composite index rose 0.6 percent.
But the US stock market fluctuated in the opposite direction on December 2, with the S&P 500 index continuing to climb to a new record high, while the Nasdaq index turned down again. Investors’ euphoria over progress in developing COVID-19 vaccine globally and expectations of a new stimulus package related to the COVID-19 pandemic have been torn by the press. bleak private sector employment reports.
Session 3/12, the main stock indices in the US continued to fluctuate in opposite directions. Wall Street Market’s Nasdaq Composite Technology Index rose to a record high thanks to the rise in stock price of electric car maker Tesla Inc.
Meanwhile, the S&P 500 composite index fell after the pharmaceutical company Pfizer Inc had a hard time rolling out the COVID-19 acute respiratory infection vaccine.
With a fairly stable gain in the 4/12 session, for the whole week, the Dow Jones has risen 1%, the S&P 500 has risen 1.7% and the Nasdaq has risen 2.1%.
In the latest short report to clients, Mr. Boris Schlossberg, CEO of investment brokerage firm BK Asset Management, said that trading activities of the US stock market are heavily dependent on the Government intervention in both monetary and fiscal aspects. Therefore, any prospect of an additional stimulus package will be seen by investors as an indicator of a bull market.
He said the main indicators of Wall Street could “sprint” towards new records if negotiations on the bailout package get progress.