(News Bulletin 247) – Wall Street ended Friday with significant gains following the employment report: the Dow Jones gained nearly 1.3% to 32,403 points, as did the Nasdaq Composite to 10,475 points, reducing their losses respective weeks at 1.4% and 5.7%.

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The Department of Labor announced that the American economy had created 261,000 non-farm jobs in October, a figure higher than expected and therefore seeming a priori likely to reinforce fears of continued monetary tightening.

However, the increase in the unemployment rate by 0.2 points to 3.7%, as well as the slowdown in the rise in the average hourly wage to +4.7%, were likely to encourage the Fed to temporize and therefore to plead for a slowdown in its rate hikes.

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‘These figures are still in the direction of future rate hikes, but according to recent indications from the Fed, we would be heading for increases lower than those of 75 basis points recently decided’, underlined a large European bank.

On the oil market, the barrel of Texas light crude oil (WTI) climbed 5% to 92.6 dollars amid a weaker dollar and speculation about a possible relaxation of the ‘zero Covid’ policy in China, leading to stocks like SLB (+2.5%).

Concerning the publications of the day’s results, the operators abandoned those of the PayPal payment solutions group (-1.8%), but acclaimed those of the telecom equipment manufacturer Motorola (+7%) and the Starbucks coffee chain ( +8.5%).

Caterpillar climbed 3.9% as the construction equipment maker won a $1.28 billion contract for equipment for the US armed forces, including the Army, Navy, Army of the Air Force and the Marine Corps.

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