US stocks market move higher on job growth
US stocks rose on Friday, boosted by better-than-expected job growth in March, which eased concerns of an economic slowdown that have periodically roiled financial markets over the past year.
The gains put the benchmark S&P 500 on track to close higher for seven trading days in a row, which would be its longest winning streak since October 2017.
The Labor Department said nonfarm payrolls rose by 196,000 jobs in March, topping the 180,000 new jobs forecast by economists polled by Reuters. Data for February was revised upward to a gain of 33,000 jobs instead of the previously reported 20,000, the smallest gain since September 2017.
A dovish Fed along with hopes for a US-China trade agreement have lifted the S&P 500 to its highest level since Oct. 9, putting the index only 1.4% below its record closing high.
The Dow Jones Industrial Average rose 25.29 points, or 0.1%, to 26,409.92, the S&P 500 gained 10.35 points, or 0.36%, to 2,889.74, and the Nasdaq Composite added 38.55 points, or 0.49%, to 7,930.33.
On Friday, energy stocks jumped 1.6%, the biggest percentage gain among S&P 500 sectors, as oil prices firmed after the release of the US jobs data and on expectations that conflict in Libya could tighten supply.
Technology stocks rose 0.3%, rebounding from Thursday’s decline as shares of Apple Inc and Microsoft Corp rose.
Dow Inc shares helped cap gains on the Dow Industrials. The shares dropped 4.1% as J.P. Morgan started coverage of the company, which was spun off from DowDuPont Inc , with an “underweight” rating.
Intel Corp shares slipped 0.9% after Wells Fargo downgraded the chipmaker’s stock to “market perform” from “outperform.”
Boeing Co shares dipped 0.9% after UBS cut its price target and said the preliminary report following last month’s fatal Ethiopian Airlines crash pointed to MCAS anti-stall software as a contributor to the crash. The software has also been implicated in the fatal crash in October of a Lion Air 737 MAX jet in Indonesia.
Advancing issues outnumbered declining ones on the NYSE by a 2.52-to-1 ratio; on Nasdaq, a 2.15-to-1 ratio favored advancers. The S&P 500 posted 30 new 52-week highs and no new lows; the Nasdaq Composite recorded 67 new highs and 20 new lows.
China stocks at over 1-year high
China stocks ended at an over one-year high on Thursday, with the blue-chip index rising for a fourth straight week as investors cheered progress in trade talks and Beijing’s policy stimulus to bolster growth.
Chinese markets will be closed on Friday for a holiday.
The blue-chip CSI300 index rose 1.0 percent, to 4,062.23 points, while the Shanghai Composite Index climbed 0.9 percent to 3,246.57 points. For the four-session week, SSEC was up 5.0 percent, while CSI300 gained 4.9 percent.
China will cut government-related fees and service charges to reduce costs for companies and individuals from July 1, state media said on Wednesday, part of a wider pledge to pare trillions in taxes and fees this year. Hopes for a trade deal between the world’s top two economies continued to bolster sentiment.
Most sectors rallied, led by transport firms , as major airlines surged on Beijing’s pledge to cut burdens for the civil aviation industry.
The largest percentage gainers in the main Shanghai Composite index were Shanghai Tianchen Co Ltd, up 10.05 percent, followed by Shanghai International Port Group Co Ltd, gaining 10.05 percent and Shanghai New Huang Pu Real Estate Co Ltd, up 10.04 percent.
The largest percentage losses in the Shanghai index were PNC Process Systems Co Ltd down 6.87 percent, followed by Shanghai Sunglow Packaging Technology Co Ltd Co Ltd losing 6.81 percent and Shanghai DZH Ltd down by 6.44 percent.
So far this year, the Shanghai stock index is up 30.2 percent and the CSI300 has risen 34.9 percent , while China’s H-share index listed in Hong Kong is up 15.2 percent. Shanghai stocks have risen 5.04 percent this month.
India Sensex flirts with 39,000
The S&P BSE Sensex which hit a record high of 39,270 in the week gone by failed to hold on to the momentum, but closed 0.49 percent higher at 38,862 for the week ended April 5. The Nifty50 too failed to close above the 11,700-mark, but recorded gains of 0.36 percent for the week. In the S&P BSE 500 index as many as 11 stocks rose 10-30 percent which include names like Forbes & Company, SAIL, HSIL, Shankara Building, Tata Motors, Godrej Properties, and The Lakshmi Vilas Bank among others. The broader market underperformed benchmark indices as the S&P BSE Smallcap index rose 0.12 percent while the S&P BSE Midcap index gained 0.19 percent in the same period.
HK stocks end at near 10-month high
Hong Kong stocks closed at near 10-month highs on Wednesday, aided by more evidence of economic recovery on the mainland and signs of progress in US-China trade talks.
The Hang Seng index rose 1.2 percent to 29,986.39, while the China Enterprises Index gained 1.4 percent to 11,705.16, its highest close since June 15, 2018. Activity in China’s services sector picked up to a 14-month high in March as demand improved at home and abroad, a private business survey showed on Wednesday, adding to signs that government stimulus policies are gradually kicking in. The Hang Seng IT index climbed 2.8 percent, as gaming giant Tencent ended up 3.3 percent at an eight-month high.
Japan stocks move higher
Japan stocks were higher after the close on Thursday, as gains in the Transport, Fishery and Transportation Equipment sectors led shares higher. At the close in Tokyo, the Nikkei 225 added 0.05percent.
The best performers of the session on the Nikkei 225 were Denso Corp, which rose 2.94 percent or 132.0 points to trade at 4622.0 at the close. Meanwhile, Suzuki Motor Corp added 2.82 percent or 139.0 points to end at 5072.0 and Nissan Chemical Industries Ltd. was up 2.74 percent or 140.0 points to 5250.0 in late trade. The worst performers of the session were Chiyoda Corp. which fell 4.41 percent or 13.0 points to trade at 282.0 at the close. Inpex Corp. declined 4.02 percent or 44.0 points to end at 1050.0 and Tokyu Fudosan was down 2.84 percent or 18.0 points to 615.0. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 4.18 percent to 17.20. Crude oil for May delivery was down 0.48percent or 0.30 to $62.16 a barrel.
France stocks surge
France stocks were higher after the close on Friday, as gains in the Financials, Consumer Goods and Gas & Water sectors led shares higher. At the close in Paris, the CAC 40 rose 0.23 percent to hit a new 6-months high, while the SBF 120 index climbed 0.24 percent.
The best performers of the session on the CAC 40 were TechnipFMC PLC, which rose 3.93 percent or 0.84 points to trade at 22.21 at the close. Meanwhile, STMicroelectronics NV added 2.81 percent or 0.425 points to end at 15.560 and Sodexo SA was up 1.89 percent or 1.89 points to 101.75 in late trade. The worst performers of the session were Societe Generale SA, which fell 1.22 percent or 0.33 points to trade at 26.65 at the close. EssilorLuxottica SA declined 1.17 percent or 1.14 points to end at 96.10 and Credit Agricole SA was down 1.13 percent or 0.130 points to 11.340. The top performers on the SBF 120 were SES which rose 5.77 percent to 15.21.
The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 0.27 percent to 13.50. Gold Futures for June delivery was up 0.15 percent or 1.95 to $1296.25 a troy ounce.
Germany stocks stay up
Germany stocks were higher after the close on Friday, as gains in the Construction, Technology and Basic Resources sectors led shares higher. At the close in Frankfurt, the DAX gained 0.18percent to hit a new 3-months high, while the MDAX index added 0.28 percent, and the TecDAX index climbed 0.38 percent. The best performers of the session on the DAX were Heidelbergcement AG O.N., which rose 1.70 percent or 1.160 points to trade at 69.580 at the close.
Meanwhile, Infineon Technologies AG NA O.N. added 1.65 percent or 0.326 points to end at 20.130 and Bayer AG NA was up 1.30 percent or 0.79 points to 61.47 in late trade. The worst performers of the session were Deutsche Bank AG NA O.N., which fell 1.19 percent or 0.090 points to trade at 7.492 at the close. SAP SE declined 1.10 percent or 1.140 points to end at 102.500 and Henkel & Co KGaA AG Pref was down 0.98 percent or 0.88 points to 88.52. The top performers on the MDAX were Leoni AG which rose 4.87 percent to 20.340, Wacker Chemie O.N which was up 2.90 percent to settle at 82.94 and Prosiebensat 1 Media AG which gained 2.66 percent to close at 14.2750. The DAX volatility index, which measures the implied volatility of DAX options, was down 3.92percent to 13.97.