Nasdaq 100 Hits Record High as Weak Jobs Data Cools Rate-Hike Fears
NDX sits 35% above its 52-week low of $22,841.417.
Summary
The Nasdaq 100 closed at a record high on Friday, rising 1% as a much weaker-than-expected September jobs report (29K vs. all Bloomberg estimates) reinforced expectations that the Fed will hold rates steady. The unemployment rate ticked up to 4.2%, and wage growth moderated, easing inflation concerns. Treasury yields, which had reached their highest since 2002 earlier in the week, pulled back, supporting equities. The G7's announcement to release strategic oil reserves also helped sentiment by lowering energy costs. This is the first report of this specific session and data; the index's new high is a fresh milestone after recent volatility.
At the time of this announcement, NDX was trading at $30,807.93 on NASDAQ in the Technology sector. The 52-week trading range was $22,841.42 to $31,017.52. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: CNBC TV18.