US markets surged on Friday sending the Standard & Poor’s 500 Index to the biggest rally in three weeks on getting good jobs data. The Labor Department's closely watched monthly employment report stated that the US economy created 195,000 new non-farm payroll jobs in June. However, the unemployment rate was unchanged at 7.6 percent as more people entered the labor market. The unemployment rate had been expected to edge down to 7.5 percent. The dollar jumped to a three-year high given the stronger data and growing anticipation of Fed tapering. Now traders are eyeing the earnings season, the biggest US aluminum producer Alcoa Inc will unofficially start the second-quarter earnings season with results after the market closes on July 8. Meanwhile, an S&P index of homebuilders fell 3.4 percent to the lowest level since December, as Treasury yields rose to the highest level in almost two years.
The Dow Jones Industrial Average jumped 147.29 points or 0.98 percent to 15,135.84, the Nasdaq climbed 35.71 points or 1.04 percent to 3,479.38 and the S&P 500 surged by 16.48 points or 1.02 percent to 1,631.89.
Indian ADRs made a mixed closing on Friday, ICICI Bank was down by 0.34%, Tata Communication was down by 6.62% and Dr Reddy’s was down by 0.31%.
On the other hand, HDFC Bank was up by 0.86%, Tata Motors was up by 0.54%, Infosys was up by 0.59% and Wipro was up by 0.11%.
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