Nasdaq rises despite disappointing employment figures | Financial issues

Nasdaq rises despite disappointing employment figures |  Financial issues

The disappointing jobs report increases the chance that the Fed will maintain its support programs for a longer period. The ADP report is a precursor to the US government jobs report, which will be released on Friday. In addition to tech funds that have performed well during the pandemic, there has been demand for utilities and real estate companies. On the other hand, energy companies and financial funds came under pressure.

The leading Dow Jones index closed the session narrowing 0.1 percent at 3,5312.53 points. The broad S&P 500 index closed almost flat at 4,524.09 points and the Nasdaq Technology Index increased 0.3 percent to 15,309.38 points.

Amazon finished the trading day with a gain of 0.2 percent. New CEO Andy Gacy announced that he plans to hire 55,000 people for technical positions. At least 40,000 of these will work in the United States.

Apple Inc, in turn, gained 0.5 percent. The iPhone maker has announced a new feature in its Apple Wallet. Driving licenses and ID cards can now also be added there. Other big tech companies were also among the winners. Facebook, Alphabet and Netflix shares rose 2.3 percent.

Wells Fargo rolled back just like the day before. The bank may be waiting for a new fine due to the settlement of a widespread fraud scandal years ago. The stock lost another 5 percent after losing nearly 6 percent the day before.

Automaker Ford (plus 0.6 percent) was among the winners despite supply problems. The company is again forced to cut production due to the constant shortage of chips.

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Oil has become cheaper as OPEC oil countries and allies such as Russia continue to increase planned production. A barrel of US oil was traded at $68.20, down 0.4 percent. The cost of Brent oil is 0.5% lower at $71.25.

The euro was valued at $1.1845, versus $1.1837 at the close of European stock markets earlier today.

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