S&P heaves near eight-week high on upbeat US job data


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S&P heaves near eight-week high on upbeat US job data

On Friday, February the 1st, 2019, the Standard & Poor 500 index had been closing in to test its eight-week high, as a much robust-than-anticipated US job growth in January had overhauled the discerning concerns of a sluggish US economy, meanwhile disappointing result from e-commerce giant, Amazon, sagged gains.

Citing statistics from the US Labor Department, the NFP (non-farm payrolls) jumped by 3,04,000 jobs last month, posting its biggest gain since February 2018, beating a forecasted rise of 1,65,000 amid 35-day long federal government shutdown by a wide margin.

According to the report revealed by US Labor Department on Friday, February the 1st, the 35-day long record federal government shutdown could not really weigh on the job growth, signifying the underlying strength of the US economy inside their local walls, although the US unemployment rate had been heaved on to a seven-month high of 4.0 percent.

While this report is being prepared, February 1st, GMT 18.25, S&P 500 was on 2,702.66, slightly down by 0.09 percent and the Dow Jones Industrial Average had been up by 0.13 percent to 25,031.68, while the tech-heavy Nasdaq Composite had been extending losses following poor Amazon figures, down by 0.39 percent to 7,253.70.

While the January had ended on a high-note for the S&P 500, posting their best month since January, 2015, a vice president of trading and derivatives for Charles Schwab in Austin, Texas, Randy Frederick said, “The payroll number was significantly stronger than what was expected, so a lot more people are finding jobs.