US stocks hit fresh record highs on stimulus progress, job market stabilisation
Here is some reaction to the US non-farm payrolls data. Despite the 49,000 increase in jobs in January, there are almost 10 million fewer Americans in jobs than this time last year.
James Ingram, investment manager at the fund manager MB Capital, says:
It would have been nice if the payroll figures taken from January data to kick off the year had defied expectations and started on a positive note but unfortunately the number comes in line with expectations that were already low.
We however expect the market to push this aside and look for positivity from the following three areas; fiscal stimulus, successful vaccine rollout and companies’ earnings. Investors are buying into the change in strategy with Biden at the helm and they are comforted by his stance of taking the situation and the threat of covid much more seriously than Trump appeared to.