Friday saw Amazon lead U.S. stock indexes higher, while Wall Street bets for another interest rate cut next week were solidified by a surprisingly weak jobs report tainted by some odd events.
The S&P 500
In order to partially recover from its worst loss in eight weeks the day before, the S&P 500 increased by 0.41 per cent amounting to 23.35 points on the US bourses, reaching the day of 5,772.52 points after hitting the opening bell at 5,723.22 points.
The S&P 500 was taken over by bears on Thursday, which resulted in the worst performance of the last two months, which ended on Friday when bulls took control of the index, pushing it further into positive territory.
The index corrected from the day high level but surprisingly concluded the last trading session of the week and first for the month of November in positive.
The Nasdaq Composite
Nasdaq gained 0.8 per cent on Friday. The tech heavy index, comprising of the biggest tech giants in the world, including chip titan Nvidia and iPhone maker Apple, saw respectable trading sessions for the start of the month of November.
The Nasdaq Composite went to touch the day high level of 18,363.94 points after hitting the opening bell at 18,189.67. The tech heavy index zoomed 1.4 per cent but towards the end of the trading session, the rally in the index subsided, leaving a 0.80 per cent gain with a closing level of 18,239.92 points.
Dow Jones Industrial Average
The Dow Jones Industrial Average gained 0.7 per cent amounting to 288 points; the marquee index also surged 1.3 per cent on the US bourse, touching the day high level of 42,326.31 points.
The Dow Jones Industrial Average concluded the trading session at 42,052.19 points after hitting the opening bell at 41,869.82 points on the US stock exchange.
Rate cut campaign from Federal reserve
The Fed began its rate-cutting campaign in September with a larger-than-normal cut of half a percentage point, shifting its focus from merely lowering inflation to maintaining a strong job market.
Despite that anticipated slowdown in the labour market, Wall Street is hopeful that the economy will still avoid a recession, in part because of the Fed's upcoming interest rate cuts. Thus far, the economy as a whole has proven to be more resilient than anticipated.
In the meantime, the price of oil increased once more to further reduce its weekly loss. The benchmark U.S. crude price increased by 0.4 per ecnt per barrel. The international benchmark, Brent crude, increased by 0.4 per cent as well.
