Wall Street on track for best week since April – as it happened
All is sedate on Wall Street on this remarkable day, so here’s a quick round-up.
Global stock markets have posted their strongest weekly gains since April, as Joe Biden moves closer and closer to the US presidency.
The S&P 500 index of US companies has put on 7% this week, rebounding strongly from last week’s losses. That’s the strongest rally since markets were recovering from their March plunge:
Investors are welcoming the prospect of some political certainty, after a long and gruelling campaign. Eyes are now turning to the issue of a new fiscal stimulus package.
Dr James Ingram, Investment Manager at MB Capital, is encouraged that the US economy created 638,000 new jobs last month — although more would clearly have been better!
In a week where the US presidential election has of course been the main focus, today’s non-farm payroll announcement could have easily been overshadowed. Broadly in line with expectations and with the official unemployment rate dropping much more than expected this is a positive end to the week.
Job creation is what everyone is looking for to build from the ground up within the current climate and this figure ticks that box. We would always happily see it higher but it is great to see the rate hasn’t slowed significantly from the previous month.