Markets showed mixed trends as U.S. job growth slowed and gold stocks surged. Asia-Pacific and European indices saw varied performances while U.S. indices moved slightly.
While the tech-heavy Nasdaq edged down 10.80 points (0.1%) to 19,478.87, the Dow rose 106.84 points (0.3%) to 42,635.20 and the S&P 500 crept up 9.22 points (0.2%) to 5,918.25.Private sector jobs grew by 122,000 in December, down from 146,000 in November, with manufacturing shrinking for a third month. Despite slower hiring, weekly jobless claims hit an 11-month low, signaling resilience in parts of the labor market.
The Labor Department reported a modest drop in initial jobless claims for the week ending January 4th, falling to 201,000 from 211,000. Federal Reserve released the minutes of its latest monetary policy meeting suggesting officials plan to take a careful approach to future decisions.
Gold stocks jumped, with the NYSE Arca Gold Bugs Index up 2.5%, driven by rising gold prices. Natural gas and housing stocks also gained, while steel, computer hardware, and semiconductors declined.
Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index dipped by 0.3% and Hong Kong's Hang Seng Index slid by 0.9%, while South Korea's Kospi jumped by 1.2%. The major European markets also finished the day mixed. While the U.K.'s FTSE 100 Index crept up by 0.1%, the German DAX Index edged down by 0.1% and the French CAC 40 Index fell by 0.5%.
In the bond market, treasuries showed a lack of direction over the course of the session before closing slightly lower. The yield on the benchmark ten-year note, which moves opposite of its price, inched up by 1 bpt to an eight-month closing high of 4.69%.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
