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US equities closed out the holiday-shortened week on a strong note, with the Dow Jones average soaring 700 points for its biggest point gain of the year. Investors cheered the passage of the debt ceiling bill that averted a US default, but the biggest driving factor was May’s jobs report, which showed US employers added a seasonally adjusted 339,000 jobs, far more than expected. The data also showed a moderation in year-over-year average hourly earnings growth and a bump up in the unemployment rate to 3.7% from 3.4%, which helped push recession and rate hike fears to the back burner, at least for now. For the week, the Nasdaq’s 2% gain notched the index’s sixth straight positive week, while the Dow also added 2% for the week, and the S&P 500 jumped 1.8%. Meantime, European shares maintained their early gains on Friday, with the Euro Stoxx 50 rising more than 1.5% but it was still not enough to prevent the index from closing in negative territory for the week.
Summary for 05.06.2023
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