Europe, US Stocks Rise As Market Eyes Fewer Fed Rate Hikes

New York, Jan 6 (UrduPoint / Pakistan Point News - 7th Jan, 2023 ) :European and US stocks advanced Friday and the Dollar fell as investors digested key American jobs data that dampened expectations of more aggressive Federal Reserve interest rate hikes.

After firm gains in Europe, major indices in New York shook off early weakness and finished firmly higher, with the Dow piling on more than two percent.

The much-anticipated monthly government jobs report was solid, with the United States economy adding a better-than-expected 223,000 jobs in December as unemployment dipped to 3.5 percent.

But analysts pointed to a tempering of wage growth, which was up 4.6 percent on a 12-month basis through December, compared with a 4.8 percent reading for the prior month.

That was followed by a surprisingly poor services sector report from the Institute for Supply Management.

The report showed the first contraction since spring of 2020, with the business activity index and new orders index both plunging.

- Key figures around 2055 GMT - New York - Dow: UP 2.1 percent at 33,630.61 (close) New York - S&P 500: UP 2.3 percent at 3,895.08 (close) New York - Nasdaq: UP 2.6 percent at 10,569.29 (close) London - FTSE 100: UP 0.9 percent at 7,699.49 (close) Frankfurt - DAX: UP 1.2 percent at 14,610.02 (close) Paris - CAC 40: UP 1.5 percent at 6,860.95 (close) EURO STOXX 50: UP 1.5 percent at 4,017.83 (close) Tokyo - Nikkei 225: UP 0.6 percent at 25,973.85 (close) Hong Kong - Hang Seng Index: DOWN 0.3 percent at 20,991.64 (close) Shanghai - Composite: UP 0.1 percent at 3,157.64 (close) Euro/dollar: UP at $1.0647 from $1.0522 on Thursday Pound/dollar: UP at $1.2095 from $1.1908 Euro/pound: DOWN at 88.01 pence from 88.36 pence Dollar/yen: DOWN at 132.13 Yen from 133.41 yen West Texas Intermediate: UP 0.1 percent at $73.77 a barrel Brent North Sea crude: DOWN 0.2 percent at $78.57 a barrel bur-jmb/bysAEROPORTS DE PARIS