Market Updates
Morning Rally Lifts U.S. Stocks
Barry Adams
09 Jan, 2023
New York City
U.S. stocks opened higher and benchmark indexes accelerated gains after widely held tech stocks gained between 2% and 4%.
Benchmark indexes advanced for the second day in a row after Friday's jobs report slightly higher-than-expected increase in December jobs but wage gains moderated.
The decelerating jobs gain lifted hopes of smaller rate hikes and fueled a sharp worldwide market rally in Monday's trading following a 2% surge in Friday.
Stock Rally Spills Over to Second Day
Benchmark indexes opened higher and extended Friday's rally to the second day after inflation expectations cooled.
Consumer survey conducted by the New York Federal Reserve in its district showed inflation outlook for one year ahead cooled to 5.0% in December from 5.2% in November.
The S&P 500 index soared 1.3% to 3,945.57 and the Nasdaq Composite index advanced 2.1% to 10,793.70.
Brazil Reais Holds Despite Political Chaos
The Brazilian reais fell 1.5% to 5.309 against the U.S. dollar after protestors and election deniers stormed the government buildings including presidential palace, National Congress and Supreme Federal court in capital city Brasilia on Sunday.
The recently appointed President Luiz In
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