The three main US stock indexes increased by 1% on Friday, with the Nasdaq hitting a record high after February\u2019s strong job report. Slowing wage growth, which indicates a gradual rise in inflation, helped calm fears of faster interest rates increases by the Fed. Strong job data last month lead to speculation that higher wages could lead to rapid interest rate increases by the Federal Reserve, spooking the global stock markets.<\/p>\n
The Dow Jones Industrial Average increased by 327.75 points, or 1.32 percent, while the S & P 500 gained 34.78 points, or 1.27 percent. Nasdaq rose by 98.82 points, or 1.33 percent, to close at 7,526.76. The Dow Jones Industrial Average rose 8% above its lowest level in February, but still around 5% below the record highs seen in January. The S&P 500 index is about 3% above its January high but has risen more than 9% from its February low. However, there seems to be a rally that will set the record as the longest in history, driven by global economic growth and strong corporate profits.<\/p>\n
Friday’s gains were large on Wall Street, with both Microsoft and Apple giving the biggest boost and support to Standard&Poor’s and Nasdaq. The US Department of Labor said that non-farm jobs jumped by 313,000 jobs last month, the biggest increase in more than a year and a half. Average hourly wages rose by 0.1%, down from 0.3% in January. This led to a reduction in the annual increase in average hourly income to 2.6%, from 2.8% in January.<\/p>\n
Concerns that the massive tariff on steel and aluminum could ignite a global trade war that could have destroyed markets since Thursday, according to Gary Cohen, chief economic adviser to US President Donald Trump. Among the biggest drivers of Wall Street were car makers Hasbro and Mattel Matt. The Goldman Sachs Group rose 1% after signs that the bank’s chief executive, “Lloyd Blankfein” is preparing to step out from the office near the end of the year.<\/p>\n
The number of losing stocks outnumbered losers by 2,048 to 796. On Nasdaq, the number of shares traded rose by 2,042 and the number of losers dropped to 825.<\/p>\n","protected":false},"excerpt":{"rendered":"
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