Upbeat US Economic Data Lifts Stocks


On Friday, Asian markets traded mostly lower after the Fed’s FOMC minutes revealed the bond-buying euphoria may come to an end this year. The Hang Seng slipped .3% to 23331, and the Kospi declined .4% to 2012. The Nikkei was a notable exception, jumping 2.8% to 10688, as it resumed trading for the first time since New Year’s.

European markets advanced, encouraged by upbeat US payroll data. The FTSE outperformed, climbing .7% to 6090, while the DAX rose .3% to 7776.

US shares gained, pushing the S&P 500 up .5% to 1466, a 5-year high. The Dow tacked on 44 points to 13435, while the VIX skidded 5% to 13.83.

Dow Jones

Apple shares slumped 2% following a report which suggests Samsung will widen its smartphone sales lead in 2013.

Treasuries and Commodities

Bonds ended little changed, with the benchmark 10-year note yielding 1.90% vs. Thursday’s 1.91%.

Crude oil inched up 17 cents to 93.09, despite a sharp drop in inventories. Weekly inventories fell by 11.1M, significantly exceeding forecasts for a .7M barrel drop.

Gold skidded 1.5% to 1648.90, and silver fell 21 cents to 29.946.


The Euro rose .2% to 1.3064, lifted by positive service sector data from the Euro zone. The Pound eased fractionally, while the Yen tumbled as low as 88.39, before settling at 88.16, down 1.2%.

Economic Outlook

The non-farm payroll report showed the US economy grew by 155K last month, slightly above forecasts, although the unemployment rate rose to 7.8% from 7.7%. ISM non-manufacturing PMI rose to 56.1 from 54.7, beating forecasts.

No major reports are due on Monday.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.