Two of the biggest indices in the United States surged on the recent market as after great economic data were posted. Their great performance that started last Friday lingered until early Monday trading morning, extending their dominance in the market.
Both the Dow Jones Industrial and the Nasdaq continues to surge today with the help of the Labor Department. According to reports, the overall jobs reports in the previous month signaled great economic movement in the United States.
Furthermore, the news and rumors regarding Intel and Broadcom have also been buoying the index’s growth in the previous sessions. The chip-making industry is stirring some great events in the future that get most investors excited.
Indices Incredible Price
One of the indices that managed to score the most out of the economic data is the Dow Jones. The index managed to tally an amazing 441 points increase or a massive one day 1.8% jump last Friday over the Labor Department figures.
Meanwhile, the Nasdaq managed to tally great market performance as well, posting a total of 1.6% increase. On the other hand, the S&P 500 also climbed significant levels over the economic data, pushing a tremendous 1.4% increase on the market.
Investors were keen on the Labor Department announcement as previous figures showed lackluster results. The dull results pushed the indices prices down, this time, the positive economic data buoyed the indices up.
Labor Department Figures
Looking at the latest Labor Department figure; the local economy managed to add a whopping 313,000 jobs last month with a whopping 2.6% increase in wages as opposed to the same time last year.
Tallying the results, the great economic data showed that the strong job demand and growth continues to extend while simultaneously apprehending the massive acceleration of wage inflation. The great economic data hit two birds with one stone and is just what the indices need.
Furthermore, the slower wage pickup could alleviate the growing concerns about the Fed’s hastily decision on marking up the interest rates to ease the economy down.
Looking at another avenue that helped the indices climb, the on-going rumor that Intel is looking to dip their toes on the Broadcom and Qualcomm deal. The heavyweights are looking to fight for the deal as another huge tech company may join the mix, Apple.
Broadcom’s shares managed to climb on the previous session, while both Intel and Qualcomm’s shares dipped as the news was released.
for your round-the-clock market update! We provide you with the latest news surrounding Forex, commodities, automobile, consumer, financial, economy, and technology. Never miss any news beat! Subscribe now!