“A stronger-than-expected pickup in U.S. hiring boosted stocks Friday,” Riva Gold reports for The Wall Street Journal. “The monthly jobs report showed U.S. employers added 228,000 jobs in November, while the unemployment rate remained at 4.1%, according to the Labor Department. Economists surveyed by The Wall Street Journal had expected 195,000 new jobs last month.”
“Wages, which are closely watched as a sign of inflation, gained but remained relatively subdued. Still, the overall solid numbers are expected to give the Federal Reserve the final green light to raise short-term interest rates next week,” Gold reports. “Shortly after the open, the Dow Jones Industrial Average rose 56 points, or 0.2%, to 24267. The S&P 500 added 0.3%, while the Nasdaq gained 0.7%.”
“Earlier, an agreement on Brexit divorce terms helped spur gains in global stock markets,” Gold reports. “The U.K. and the European Union reached an agreement Friday on Brexit divorce terms after six months of tense talks, opening the way for negotiations to advance on a trade deal and a post-Brexit transitional period.”
“In Germany, stocks also got a lift after the country’s largest opposition party said it would enter talks with Chancellor Angela Merkel’s conservatives over forging a new government,” Gold reports. “The DAX was up 1.1%.”
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MacDailyNews Take: The stronger-than-expected U.S. employment report certainly bodes very well for the economy in general and for makers of coveted goods, like Apple, in particular.
Now, bring on the much-needed U.S. personal income and corporate tax reform and repatriation tax holiday!
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