After the US July employment data blew beyond expectations, the S&P 500 fell, Treasury rates jumped, and the currency strengthened on Friday. The Nasdaq joined the bellwether index in the red at the closing, but the blue-chip Dow reversed course to conclude in positive territory. According to the Labor Department’s jobs report, the economy added 528,000 jobs in July, which was more than double the 250,000 predicted.
As the week came to a conclusion, evidence of economic strength served to reduce risk aversion.
The Dow Jones Industrial Average increased by 76.65 points, or 0.23 %, to 32,803.47, while the S&P 500 decreased by 6.75 points, or 0.16 %, to 4,145.19 and the Nasdaq Composite down by 63.03 points, or 0.5 %, to 12,657.56.
European stocks slumped as the US employment report fueled expectations of more aggressive Fed policies.
