On Friday, the US stock market saw a significant increase after a strong March employment report was released. The US economy added 303,000 jobs last month, which exceeded economist estimates. This positive report indicates the resilience of the economy and may delay or eliminate the need for interest rate cuts from the Fed, according to economist Paul Ashworth.
Investors are now considering whether this strong jobs report will affect potential interest rate cuts from the Federal Reserve. The job growth, which took place primarily in leisure and hospitality, government, and healthcare sectors, pushed the unemployment rate down from 3.9% to 3.8%. This promising data has positively impacted the stock market.
Federal Reserve President Neel Kashkari recently stated that there may be no reason to cut interest rates throughout this year, given the strong economic performance. This sentiment, coupled with the promising jobs report, has positively impacted the stock market.
Following the release of this data, US indexes indicated growth shortly after the morning bell on Friday. In commodities, bonds, and cryptocurrencies, West Texas Intermediate crude oil increased by 0.52% to $87.04 a barrel, while Brent crude jumped by 0.66% to $91.25 a barrel. Gold prices also rose by 0.40% to $2,315.90 per ounce
