On Friday, US stocks saw a rise following the release of a strong March employment report. The US economy added 303,000 jobs in March, beating economist predictions. This news has caused investors to question whether interest rate cuts from the Federal Reserve will be delayed due to the resilience of the economy.
The job growth was seen across various sectors with leisure and hospitality, government and health care being the most hiring sectors. According to Paul Ashworth of Capital Economics, this strong jobs report supports the Fed’s position that the economy is resilient enough to delay rate cuts. Fed President Neel Kashkari also stated that there may be no need for interest rate cuts this year if the economy continues to perform well.
Following this announcement, US indexes such as S&P 500 and NASDAQ rose sharply while West Texas Intermediate crude oil and Brent crude both experienced an increase in price. Gold also saw a jump in value while Bitcoin experienced a drop in its worth. In bonds market, yields were up as well indicating investors are more optimistic about future prospects of economy.
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