Stock Markets Rise as US Job Data Surprises to the Upside
The US stock markets closed on a positive note on Tuesday, with the Dow Jones Industrial Average reaching 42,520 points, a 0.5% increase from the previous trading day. The broader S&P 500 index and the tech-heavy Nasdaq 100 also made gains, rising 0.6% and 0.8% respectively.
The optimism on Wall Street was largely driven by new data on the US labor market, which showed a surprise increase in job openings in April. The number of job openings exceeded expectations, with 7.3 million positions available and the previous month’s figures were also revised upward.
Despite the Organization for Economic Cooperation and Development (OECD) cutting its global economic growth forecast to its lowest level since the COVID-19 pandemic, investors remained optimistic. The euro, however, weakened against the US dollar, trading at 1.1369 dollars per euro, while the dollar was worth 0.8796 euros.
The gold price, on the other hand, fell, with one troy ounce selling for $3,352, a 0.9% decline, or 94.79 euros per gram. The Brent crude oil price, however, surged, reaching $65.56 per barrel, a 1.4% increase from the previous day’s close.