US stocks rallied Friday even after the release of stronger-than-expected US jobs data and a pop in Treasury yields.
The Dow Jones Industrial Average gained 288.01 points, or 0.87 per cent, to close at 33,407.58. The S&P 500 added 1.18 per cent at 4,308.50. The tech-heavy Nasdaq Composite rose 1.60 per cent, closing at 13,431.34.
The US economy added 336,000 jobs in September, the Labor Department said. Economists polled by Dow Jones expected 170,000 jobs. To be sure, wages rose less than expected last month.
Yields initially surged after the jobs report, with the 10-year Treasury rate trading near its highest level in 16 years. The benchmark rate later eased from those levels, but was still up around 6 basis points at 4.78 per cent.
In company news, Monolithic Power Systems, Advanced Micro Devices and Palo Alto Networks all jumped more than 4 per cent.
Ford advanced 0.84 per cent and GM gained 1.95 per cent. The action came after the United Auto Workers union said there would be no new strikes this week because of progress in talks with automakers.
The attack on Israel by Palestinian militants Hamas may lead to a temporary spike in crude oil prices on Monday, but its overall impact is expected to be limited, as long as the conflict doesn't escalate further, according to energy experts.
While both Israel and Palestine are not major oil producers, the conflict's proximity to a key oil-producing region raises concerns about the potential for broader regional hostilities that could affect oil supply and prices.
Turning to US sectors, technology shares led the gains on Friday, gaining 1.94 per cent. Consumer Staples was the only sector that closed lower, closing lower by 0.48 per cent.
Futures
The SPI futures are pointing to a 0.8 per cent gain.
Currency
One Australian dollar at 7:35 AM was buying 63.57 US cents.
Commodities
Gold added 0.73 per cent. Silver jumped 3.35 per cent. Copper gained 2.13 per cent. Oil added 0.58 per cent.
Figures around the globe
European markets closed higher. London’s FTSE added 0.58 per cent, Frankfurt gained 1.06 per cent, and Paris closed 0.88 per cent higher.
Turning to Asian markets, Tokyo’s Nikkei lost 0.26 per cent, Hong Kong’s Hang Seng gained 1.58 per cent while China’s Shanghai Composite was closed.
On Friday, the Australian share market closed 0.41 per cent higher at 6,954.17
Ex-dividends
Adacel Technologies (ASX:ADA) is paying 1.5 cents unfranked
Katana Capital (ASX:KAT) is paying 0.5 cents fully franked
Dividends payable
AUB Group Ltd (ASX:AUB)
Duratec Ltd (ASX:DUR)
EQT Holdings Ltd (ASX:EQT)
Humm Group Ltd (ASX:HUM)
Orora Ltd (ASX:ORA)
Pacific Smiles Group Ltd (ASX:PSQ)
Solvar Ltd (ASX:SVR)
Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.
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