US Markets Cose at Record Highs, Despite Poor Jobs Report

Saturday 1442/4/20 - 2020/12/05
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Washington, Dec 4, 2020, SPA -- All three US benchmarks closed at record highs today, on Friday, coming on the backs of renewed hope for a stimulus package
and encouraging signs about vaccine rollouts, despite a poor jobs report that showed a slowing pace of recovery, dpa reported.
Investors have been buoyed by signs from politicians on Capitol Hill that there are talks on getting a stimulus done before the end of the year, though it remains unclear if a deal can be reached to pump more money into the economy to help with the pandemic-induced downturn.
Even a small deal on relief would further help stocks, which for most of this year have looked detached from the real economy, which is seeing staggering job losses and small businesses under pressure.
The S&P 500 closed up 0.88 per cent, taking the broad index to 3,699.12, an all time high. The Dow Jones Industrial Average was similarly higher by 0.83 per cent, to close at 30,218.26. The tech-heavy Nasdaq was up 0.7 per cent, to 12,464.23.
The latest rally in stocks kicked off in late September and during this period the S&P 500 has risen more than 13 per cent.
While the last jobs report saw unemployment drop slightly, to 6.7 per cent, the jobless rate is double its pre-pandemic levels and hiring has slowed significantly, amid spiking coronavirus cases around the country.
--SPA
03:56 LOCAL TIME 00:56 GMT
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