Published: Tue, January 08, 2019
Medical | By Bryan Strickland

Stocks swing to huge gains after jobs report, trade talks

Stocks swing to huge gains after jobs report, trade talks

Federal Reserve Chairman Jerome Powell on Friday moved to ease concerns in financial markets, saying that while US economic momentum is solid, the central bank is sensitive to the risks highlighted by investors and will be patient with its monetary policy in 2019. Speaking at a panel discussion of the American Economic Association, Powell said that he would not resign if asked by the president.

Asked if any future meeting with Trump was scheduled, Powell said, "I have no news on that". Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

The Dow Jones Industrial Average exploded by as much as 700 points after Federal Reserve Chairman Jerome Powell reassured investors that the central bank would pay attention to market conditions before implementing interest rate hikes. More importantly for Treasury investors, wages jumped 3.2 percent from a year ago, gaining 11 cents between November and December, an increase of 0.4 percent.

Compared to comments he made after the Fed raised rates last month, "it's not that he's changed his message. but that he explained it more patiently and in greater detail", said Lou Brien, market strategist at DRW Trading in Chicago. Katie Nixon, the chief investment officer for Northern Trust Wealth Management, said investors will continue to react to the health of the economy, and to concerns about high levels of corporate debt as interest rates rise.

Analysing the Fed statements, James Glassman, senior economist at JP Morgan said, "We have got very strong job news, the economy got lot of momentum to generate this kind of job news then why has the US Fed become cautious - it is because the inflation trends have been little more moderate. Can we wait?", Cleveland Federal Reserve Bank President Loretta Mester said in an interview with Reuters.

Stocks opened the day higher after the Labor Department reported that nonfarm payrolls in the U.S. increased in December by 312,000, well above consensus estimates of 177,000 jobs created.

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The tech-heavy Cheddar 50 Index, which measures the performance of Cheddar's 50 top companies ー from Apple ($AAPL) to GM ($GM) ー gained 5.4 percent on Friday, amid broader market gains.

US and European stocks got a boost as the stronger-than-expected jobs report soothed some concerns of slowing economic growth.

The world's biggest economy expanded well above potential last year and, along with USA consumers, is expected to remain strong through this year.

"That's quite welcome", Powell said.

Mr Powell said he thought the recent market declines reflected concerns about slowing global growth and trade tensions - but are "well ahead of the data". "However, we look for the Fed to wait until May 1 to hike rates again". "But it's the first time (Powell has) said anything that's dovish enough for the markets liking". Articles appear on for a limited time.

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