Wall Street rises after US jobs miss
The New York Stock Exchange opened the session today with gains, reacting to the slowdown in the US labor market, which supports the prospect of a cut in interest rates by the end of the year.
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Economia Mercado
At 3:00 p.m. (Lisbon time), the Dow Jones index rose 1.23% to 38,695.13 points and the Nasdaq rose 1.82% to 16,129.34 points.
The broad S&P 500 index was up 1.30% to 5,129.72 points.
Shortly before the start of the session on Wall Street, the Labor Department announced that the unemployment rate in the United States rose to 3.9% in April, one-tenth more than in the previous month, and the economy created 175,000 new jobs.
Job creation fell short of economists' expectations, who pointed to 243,000 jobs and far from the 315,000 in March.
The report released by the Department of Labor indicates that workers' wages rose by an average of 0.2% in April compared to the previous month, below expectations, standing at $34.75 per hour and increased by 3.9% in the period of one year.
These data suggest that the restrictive monetary policy of the Federal Reserve (Fed), with successive interest rate hikes until last summer, may finally be slowing the pace of hiring and giving investors hope for a rate cut by the central bank.
The report on the US labor market was released two days after the Fed decided to keep interest rates between 5.25% and 5.50%, the highest level since 2001, justifying the decision with the "lack of progress" in combating inflation.
The yield on 10-year Treasury bonds fell to 4.48%, when on Tuesday night it was at 4.58%.
In the Dow Jones index, Amgen (12.96%) and Apple (6.03%) led the gains, after presenting quarterly results.
Read Also: Wall Street closes higher, relieved by the statements of the Fed president (Portuguese version)
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