Despite initial weakness due to Middle East tensions and economic data uncertainties, US markets ended last week on a positive note. Strong US jobs market data fueled investor confidence, with the Dow Jones Industrial Average reaching a record peak.
US markets ended last week on a positive note despite being feeble throughout due to Middle East tensions and economic data uncertainties. Most of the recovery of the indices came late Friday after US jobs market data showed that the US may go into a “soft landing” versus a deep recession.
Overall for the week, the US jobs report was incredibly strong on every front possible – job creation, unemployment, wages and hours worked. The rise in job openings – up by 329,000 to 8.04 million in August 2024 – indicates continued labour demand, but the decrease in job quits suggests growing caution among workers.
☻ One of the two years when the index struggled in the fourth quarter was 1987, when the “Black Monday” selloff hit in October. The index still managed to eke out a gain that year, rising 2%.
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