Monday 11th October 2021 |
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U.S. stock markets declined on Friday after the September jobs data was well below market expectations. The Dow Jones Industrial Average lost 0.02%, while the S&P 500 index and the Nasdaq Composite index fell 0.19% and 0.51%, respectively. For the week, all three of the major averages gained 1%. The debt ceiling was raised by $480 billion, giving the Treasury enough money to pay bills until Dec. 3. However, the crunch is expected in December when sufficient consensus to achieve sufficient votes to increase the debt ceiling will be much harder to achieve, without the Biden administration's willingness to make substantial cuts in spending. The U.S. 10 - year Treasury note to climbed to 1.6%, a four - month high. Stocks and in particular growth stocks underperformed.
Other key overseas markets ended mixed, with European markets marginally weaker, while Asian markets were up. Germany’s DAX 30 fell 0.29% and France’s CAC 40 lost 0.61%, while Britain's FTSE 100 gained 0.25%. Meanwhile, in Asia, the Hang Seng index rose 0.55%, China’s Shanghai Composite increased 0.67% and Japan’s Nikkei 225 closed 1.34% higher.
West Texas Intermediate crude oil hit $80 intraday before closing up $1.05 to $79.35 a barrel, its highest close in seven years. Gold, meanwhile, dropped marginally by $1.60 to $1,756.30 an ounce.
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