US equities rally on below expected wage growth | IFCM Portugal
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US equities rally on below expected wage growth

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    2023/02/27
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US stock market recovered last week as initial concerns Trump’s tariff proposals could cause trade wars receded. The SP 500 rallied 3.3% recovering from previous week’s 2.1% drop and the ICE dollar index gained 0.2%.

The SP 500 ended higher every session except Wednesday last week. It rose 1.1% Monday and 0.3% Tuesday as trade war fears subsided, followed by 0.05% dip Wednesday after White House economic adviser Gary Cohn’s resignation news. The SP 500 recovered 0.5% Thursday, and rallied 1.7% Friday after Bureau of Labor Statistics report 313,000 new jobs were created in February, the biggest gain since mid-2016.

The ICE US dollar index advanced in every session except Tuesday last week. It rose 0.6% Monday as the Institute for Supply Management’s nonmanufacturing index for February at 59.5 signaled rapid growth in services sector activity though at slightly slower pace compared with 59.9 in January. The dollar index fell 0.6% Tuesday as ADP reported private sector employers added 235,000 jobs in February. It gained 0.6% Thursday as President Trump signed orders to impose import tariffs on steel and aluminum but exempted Canada and Mexico. The dollar inched up 0.02% Friday as below expected 0.1% wage growth in February eased worries inflation might be accelerating.

China’s industrial data and US inflation report dominate this week’s economic calendar. US inflation data are due Tuesday. China’s industrial production and retail sales together with the US retail sales will be released on Wednesday. And New Zealand GDP data are due Thursday.

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