6th February 2012
Better-than-expected employment data in the US has caused major indices in the country to rise in afternoon trading today (February 3rd).
The Dow Jones Industrial Average (DJIA) gained 0.9 per cent, while the S&P 500 and the Nasdaq Composite Index both rose by one per cent following the announcement that the economy added more jobs than were forecast for January. In addition, the country's unemployment rate edged lower to 8.3 per cent.
"It's an unequivocally robust number," David Joy, chief market strategist at Ameriprise Financial in Boston, told the news provider.
"There's been a lot of skepticism over whether [recent stock gains] represented anything material. This reinforces that businesses are regaining confidence and increasing hiring."
Yesterday, fears that the newly released jobs data would be worse than has been subsequently revealed prompted major US markets to dip, with the S&P 500, DJIA and Nasdaq 100 futures indices all losing value.
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