Global stocks mostly higher after Wall Street ended Friday at the highest market in more than two months
Global stocks were mostly higher on Monday after Wall Street rallied last week on weaker-than-expected U.S. jobs data and ended with its best day in more than two months.
European markets started the day higher. Germany’s DAX rose 0.1% to 18,021.85, while Paris’ CAC40 index rose 4.55 points to 7,962.12. London markets were closed for the holiday.
The S&P 500 and the Dow Jones Industrial Average both rose 0.1%.
In Asian trading, Hong Kong’s Hang Seng Index closed 0.4% higher at 18,548.77, while the Shanghai Composite Index rose 1.0% as mainland Chinese markets reopened after a week-long holiday. It rose 2% to 3,140.72. A private sector survey on Monday showed that the pace of growth in the country’s services sector slowed in April due to rising costs, although new orders rose and business confidence improved.
Australia’s S&P/ASX 200 rose 0.7% to 7,682.40. Taiwan’s Tyex rose 1%.
Markets in Tokyo and South Korea were closed for public holidays.
The Japanese yen fell slightly after its value fluctuated from a low of 160.25 to 151.86 to the dollar late last week amid allegations of government intervention. The dollar was bought from 152.90 yen to 153.81 yen.
The euro rose to $1.0772 from $1.0763.
On Friday, the S&P 500 rose 1.3% to 5,127.79, its highest level since late February. Benchmark indexes also ended this week’s losses.
The Dow Jones Industrial Average rose 1.2% to $38,675.68. The Nasdaq Composite Index rose 2% to close at 16,156.33, reflecting a strong rise in technology sector stocks, which accounted for most of the gains.
Domestic employers added 175,000 jobs last month, down from March’s massive gain of 315,000, according to the Labor Department. The latest payroll numbers were well below the 233,000 increase expected by economists. On the other hand, average hourly wages, a major factor in inflation, grew less than expected.
A modest increase in payrolls last month suggests the Federal Reserve’s aggressive streak of rate hikes may finally be starting to take a toll on the world’s largest economy. This will help reassure the Fed that inflation will ease further, potentially moving the central bank closer to cutting rates.
Friday’s market gains were broad-based, with tech stocks driving much of the gains. Apple soared 6% after announcing a massive $110 billion share buyback. The tech giant reported late Thursday that iPhone sales fell by the most on a quarterly basis since the start of the pandemic.
Benchmark U.S. crude oil rose 79 cents to $78.90 a barrel early Monday in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard crude, rose 69 cents to $83.65 per barrel.
