The U.S. equity futures rallied after data showed the biggest job increase in 7 months, adding to evidence that the economy is picking up steam. Many other markets closed for Good Friday; S& P 500 futures extended gains after the March jobs report, which added 916,000 workers, and February employment was revised up.
The yield on the 10 year Treasury added three basis points to 1.70%. Treasuries will be closed for a half-day session today while the New York Stock Exchange is open. The job data sets a strong tone because certainly most people will assume that the prospects of employment with the confluence of improving virus conditions and the stimulus that has been added to the economy will be very good, Russell Price said in a telephone interview.
The Labor Department report also showed that the unemployment rate fell to 6% as the workforce participation rate edged higher.
The median estimate in a Bloomberg survey of economists was for a 660,000 increase in the payrolls in March. It's a strong sign for the economy as more people get vaccinated, schools reopen and Americans start going on vacations and spending money outside of home. Also adding to the bullish sentiment in markets is President Joe Biden's plan to spend$ 2.25 trillion on infrastructure reform, though questions remain as to how much of it can be delivered?
Stocks in Japan and South Korea went up on Friday, helped by chipmakers.
According to people familiar with the matter, Biden plans to meet with semiconductor companies and automakers on April 12 to discuss the global shortage of microprocessors. On Thursday the benchmark index closed above 4,000 for the first time.
The oil fell after the OPEC alliance agreed to increase production gradually over the next three months. Navigating the recovery trade is a whole lot easier to navigate!
Some key events to watch this week: U.S. employment report for March on Friday begins the Easter weekend in countries including the U.K. U.K. France, Germany, Australia and Canada.
These are some of the major moves in financial markets: The S& P 500 futures were up 0.5% as of 9: 09 a.m. on Thursday, the Shanghai Composite Index advanced 1.2% to Japan's Topix index.
South Korea's Kospi index increased 0.7% to New York.
The yen was at 110.72 per dollar.The Bloomberg Dollar Spot Index slipped 0.3% Thursday, and the euro was$ 1.455.
The yield of ten-year Treasury added three basis points to 1.70%. West Texas Intermediate crude rose on Thursday to$ 61.45 a barrel, while gold was at$ 1,730 an ounce.
For more information about this, please visit bloomberg.com at bloomberg.com.
Subscribe now to stay ahead of the most trusted business news source.