Stocks, Dollar Recover From US Jobs Disappointment

European and US stock markets bounced higher and the dollar recovered Monday after big pre-weekend falls over concerns about the health of the US economy

London, (UrduPoint / Pakistan Point News - 9th Sep, 2024) European and US stock markets bounced higher and the Dollar recovered Monday after big pre-weekend falls over concerns about the health of the US economy.

Global stocks markets slumped Friday following data showing weaker than expected US jobs growth, which raised concerns about the economy.

Following Friday's sharp losses -- which followed drops earlier in the week -- a rebound attempt is no surprise, said Briefing.com analyst Patrick O'Hare.

"It is simply the start of something after big losses, which makes it reflexive in nature," he said in a note to clients.

"Frankly, how the market starts today is irrelevant to how it finishes."

Friday's jobs data also raised expectations that the US Federal Reserve will cut interest rates next week after holding them at a 23-year high to tame inflation.

The highly anticipated non-farm payrolls report showed an estimated 142,000 jobs were created in the United States last month, up on July but well off forecasts.