US stocks closed mixed following the June labor market report. Technology companies headed downward for the second consecutive day, while the US dollar weakened on the foreign exchange market.
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Weaker Job Creation Eased Pressure on the Fed
The Dow Jones index rose 1.14 percent to 52,900.07 points. The broader Standard & Poor’s 500 index remained almost unchanged at 7,483.24 points. The technology market index Nasdaq, on the other hand, lost 0.80 percent and closed at 25,832.67 points.
US employers created 57,000 jobs in June, while economists had expected 110,000 jobs to be created. Unemployment fell from 4.3 to 4.2 percent. According to Adam Sarhan, CEO of analytics firm 50 Park Investments, the report does not mean that inflation concerns have disappeared, it merely eases pressure on the central bank to raise interest rates in the short term.
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Tesla Dropped Sharply, Dollar Lost Ground After Data
Shares of American electric vehicle manufacturer Tesla weakened significantly, losing 7.5 percent at the close of trading. This occurred despite the company increasing vehicle deliveries by 25 percent to 480,126 cars in the second quarter, a record figure for the second quarter.
Following the labor market report, the US dollar weakened sharply. The dollar index, which measures the value of the dollar against a basket of six major world currencies, was down 0.5 percent to 100.90 points before 22:00 CEST. The euro against the dollar was up 0.4 percent at 1.1427 USD at the same time, and the dollar declined 0.9 percent against the yen to 161.17 JPY. The sharp strengthening of the yen sparked speculation that Tokyo had intervened to support its currency.
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Source: ČTK
