Economy

Wall Street much higher in the weekend | Financial

The Dow Jones index closed 1.9% higher. Nasdaq technology exchange rose 1.6%. The broad-based S&P 500 index climbed 2%.

Positive for the mood on Wall Street was also that US President Joe Biden is striving for a better relationship with the EU. The US and the EU are suspending billions of dollars in import duties on each other’s products for four months.

Strong job report

This afternoon the US Department of Labor job report was released. This shows that 379,000 jobs were added in the US in February. That is a big windfall, because analysts had expected 195,000 new jobs. The two previous job reports for December and January disappointed investors. In January, job growth was stagnant at 49,000.

The large increase in jobs in February is mainly due to growth in the hospitality and leisure sectors, where companies in some parts of the country have re-hired thanks to easing lockdowns. Unemployment in the US has fallen slightly to 6.2%.

Tesla lost almost 10% of its stock market value in the previous two trading days. The carmaker suffered from profit-taking and reports that the company is losing market share in Europe. Today, the Tesla share plunged 3.8% into the red.

Exxon Mobil (+ 3.7%) and Chevron (+ 4.2%) were on the rise. Both energy giants benefited from the oil price, which has risen to its highest point since early 2020. The oil price was on the rise due to the decision of oil cartel OPEC and Russia to also limit oil production in April. On the contrary, a relaxation of production restrictions had been expected.

Chipmaker NXP gained 8.1% in stock market value. The Dutch company with a stock exchange listing in New York wants to reward its shareholders and therefore announced that it will buy back its own shares for $ 2 billion.

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