US stocks gain positive traction on stronger jobs report

Haresh Menghani FXStreet

• Upbeat NFP print and positive Brexit news boost sentiment.
• US tax reform optimism supportive of the bullish sentiment.
• All the three major indices poised for modest weekly gains.

Major US equity indices opened higher on the last trading day of the week and remained on track for modest weekly gains.

The initial uptick was supported by a stronger-than-expected monthly jobs report for November, which reinforced the underlying strength in the US labor market and strong fundamentals. According to the latest NFP report, the US economy added 228K new jobs in November, surpassing consensus estimates pointing to a reading of around 200K.

Investors also cheered the news over the passage of a legislation to temporarily fund the US government for two-weeks. Traders also welcomed the news of a breakthrough in Brexit talks between the UK and EU, which cleared the way for the second phase of trade negotiations.

During the opening hour of trade, the Dow Jones Industrial Average added around 40-points to 24,247, while the broader S&P 500 Index climbed nearly 10-points to 2,646. Meanwhile, tech-heavy Nasdaq Composite Index continued with its relative outperformance and jumped 45-points to 6,857. All the three major indices remain on track to finish the week slightly higher.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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