(CercleFinance.com) – A positive reading of the American employment report finally prevailed on Friday, supporting the equity indices: the Dow Jones climbed 0.87% to 33,408 points, the S&P500 gained 1.18% to 4308 points and the Nasdaq Composite jumped 1.6% to 13431 points.
The American economy generated 336,000 non-agricultural jobs last month, more than double what Jefferies, for example, expected, and job creations for the previous two months were revised by +119,000 in total.
‘The American labor market held up surprisingly well in September,’ noted Commerzbank. ‘The previous trend of slowing employment growth has therefore been called into question and there is still no sign of a recession.’
Optimism about the economic outlook prevailed over an initial negative view, according to which these figures could give the Fed something to grind to justify its restrictive monetary policy against inflation.
In stock news, Pioneer Natural jumped 10.4% after an article in the WSJ, according to which ExxonMobil (-1.6%) was in negotiations for the takeover of this shale specialist, an operation which could amount to around $60 billion.
Eli Lilly gained 4.4%, after the announcement by the pharmaceutical laboratory of the presentation of several studies at the congress of the European Society of Medical Oncology (ESMO) which will be held in Madrid from 20 to October 24.
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