US markets jump on encouraging job report

09 May 2015 Evaluate

The US market surged on Friday, with the Dow industrials posting their largest one-day point gain in more than three months. Solid gains helped the S&P 500 and Dow end the turbulent week with modest gains. The US churned out 223,000 new jobs in April in a sign the economy is back on track after growth stalled in the first quarter and hiring briefly nosedived. Most major segments of the economy except for the energy industry added workers, suggesting the second quarter got off to a pretty good start. Stronger job gains also tugged the unemployment rate down to 5.4% from 5.5% to mark the lowest level since mid-2008. The latest employment figures are likely to keep the Federal Reserve on course to raise interest rates in 2015 for the first time in nine years. Despite the revival in job creation in April, hiring in the US has still slowed considerably compared to the waning months of 2014. The number of jobs added in March was slashed to 85,000 from 126,000, reflecting the smallest increase in almost three years. The economy added an average of 194,000 jobs in the first four months of this year, down from a blistering 324,000 pace in the fourth quarter. Hourly pay of American workers got another bump and shows hints of accelerating, though workers still aren’t seeing much benefit. The average wage rose 0.1% in April to $24.87 an hour. The increase over the past 12 months climbed to 2.2% but it’s been little changed since 2012.

Separately, US wholesale inventories rose slightly in March as sales fell. Wholesale inventories rose 0.1 percent after a downwardly revised 0.2 percent rise in February. Sales at wholesalers fell 0.2 percent in March after declining 0.6 percent the prior month. It was the fourth straight monthly decline in sales. At March’s sales pace it would take wholesalers 1.30 months to clear shelves, a ratio unchanged from February.

Meanwhile, Chicago Fed President Charles Evans stated that the Federal Reserve could raise interest rates at any meeting, including in June. Evans, a voter this year on the Fed’s policy-setting panel, repeated his view that waiting until 2016 to raise rates would allow the Fed to be more confident that an excessively low rate of inflation will head back up to the US central bank’s 2-percent target.

The Dow Jones Industrial Average added 267.05 points or 1.49 percent to 18,191.11, Nasdaq was up by 58.00 points or 1.17 percent to 5,003.55 while, S&P 500 was higher by 28.10 points or 1.35 percent to 2,116.10.

The Indian ADRs closed in green on Friday; Tata Motors was up by 2.67%, HDFC Bank was up 1.70%, Dr. Reddy’s Lab was up 1.16%, ICICI Bank was up 0.41% and Infosys was up by 0.40%.

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