Wall St. surges as historic job losses fewer than feared
by SOURAV D | VIEW 792
On Friday, the 8th of May 2020, all major US stock indexes reported robust gains and scored solid weekly gains after US Labour Department’s Friday’s (May 8th) data had revealed that the pandemic crisis had shrugged off fewer-than-anticipated US jobs last month.
As a matter of fact, Friday’s (May 8th) Wall St. rally was almost entirely galvanized by the US job data which had shredded off fewer than feared jobs last month as beforementioned, though the losses in US payrolls had been the steepest since the Great Financial Depression.
Besides, according to US Labour Department Job data released on Friday (May 8th), the US economy had erased 20.5 million jobs last month, beating an analysts’ estimate of a decline of 22 million US jobs in April. Meanwhile, adding that the markets appeared to be ignoring the economic data over the recent past, a Chief investment strategist at Nuveen, Brian Nick said on Friday (May 8th), “It’s tough to call the jobs report, which is what everybody was waiting for, anything but a complete calamity, but relative to expectations you can see some silver linings in there.
Except for the initial panic in the month of March, in general the markets are ignoring economic data for the most part and are looking more at data related to COVID-19. ” Citing statistics, on Friday’s (May 8th) Wall St.
closure, Dow gained 1.91 per cent to 24,331.32, S&P 500 surged 1.69 per cent to 2,929.80, while the tech-heavy Nasdaq Composite climbed 1.58 per cent to round off the day at 9,121.32.