Dow rallies more than 350 points after ‘Goldilocks’ jobs report; European markets close higher after positive US nonfarm payroll data
Stocks closed higher on Friday as the latest U.S. jobs report hit the sweet spot with Wall Street traders. The Dow Jones Industrial Average climbed 372 points, or 1.4% to close at 26,573.75. The S&P 500 advanced 1.4% to 2,952.01. The Nasdaq Composite also gained 1.4% to close at 7,982.47. For the week, however, the Dow and S&P 500 posted a third straight decline. The Nasdaq rose about 0.5% week to date.
The U.S. economy added 136,000 jobs in September, the Bureau of Labor Statistics said Friday. Economists polled by Dow Jones expected an increase of 145,000 jobs. However, the unemployment rate fell to 3.5%, a 50-year low.
Tech was the best-performing sector in the S&P 500, gaining 1.7% as Apple rose 2.8%. The tech giant’s stock rose after Nikkei reported the company is increasing iPhone 11 production by 10%.
European stocks closed higher Friday afternoon after a key U.S. jobs report showed employment growing steadily and the jobless rate hitting a 50-year low, easing fears for the health of the world’s largest economy. The pan-European Stoxx 600 closed 0.6% following the data release. Utilities, tech, chemicals and healthcare stocks all rose more than 1% while autos remained a stubborn 0.7% below the flatline.
Marks & Spencer saw its shares slide 4% after HSBC cut the stock from “hold” to “reduce.” Spain’s Banco BPM sank to the bottom of the European blue-chip index, shedding 5.3%.
Mali explains bills on investment funds
Serbian Finance Minister Sinisa Mali on Friday said the bills on investment funds and alternative investment funds were a major step forward in the process of strengthening the economy further and creating business opportunities for local and foreign investors. Speaking in the Serbian parliament, he said the bills created conditions for attracting a larger number of market participants, as well as for providing greater security to foreign investors, while making the domestic market more attractive for foreign investment.
NBS: Start of talks between IMF and Serbian delegation
The plenary meeting held on Friday at the National Bank of Serbia marked the start of the official talks between the Serbian delegation and the IMF Mission. The Serbian delegation is headed by Jorgovanka Tabaković, NBS Governor and Governor of the IMF for Serbia, and the IMF mission by Jan Kees Martijn. Serbian Government representatives were also in attendance. The current fiscal, monetary and overall macroeconomic developments will be discussed on this occasion. The achievement of the set quantitative and reform objectives of the economic programme, supported by the PCI, which is an advisory tool and does not envisage any financial assistance, will also be discussed.
NIIS: Gazprom Neft interested in Serbia's HIP-Petrohemija
Russian energy giant Gazprom Neft is interested in taking part in the privatisation of the Serbian petrochemical company HIP-Petrohemija. Serbian Minister of Mining and Energy Aleksandar Antic on Friday met with Gazprom Neft Management Board Chairman Alexander Dyukov on the sidelines of the 9th St Petersburg International Gas Forum. According to a statement from Antic's ministry, the discussion topics included the upcoming privatisation of Pancevo-based HIP-Petrohemija. Antic said the future of the company was crucial and that it needed a strategic partner in order to carry out investments that would ensure stable long-term operations. Dyukov noted Gazprom Neft had a potential interest in taking part in the process of finding an adequate privatisation model.