finance
US Stocks Rise to Records on Strong Jobs Data as ASX Set to Fall
Wall Street climbed to all-time highs after a report showed US employers added far more jobs than expected last month. The S&P 500 and Nasdaq both set records while the Australian sharemarket is set to open lower. Oil prices rose after US forces disabled two Iranian tankers in the Strait of Hormuz.
May 10, 3:24 PM·2m read1 source
The Sydney Morning HeraldAudio version
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Wall Street rose to record levels after a report showed the US job market performed better than economists expected. The S&P 500 climbed 0.8 per cent to an all-time high of 7,398.93. The Nasdaq composite rallied 1.7 per cent to its own record while the Dow Jones Industrial Average edged up 12.19 points to 49,609.16.
The report said US employers added 115,000 more jobs than they cut last month. While hiring slowed from March, it was still nearly double what economists expected. The data helped the S&P 500 close out a sixth straight winning week, its longest such streak since 2024.
The Australian sharemarket is set to open lower on Monday. Futures pointed to a loss of 42 points, or 0.5 per cent, at the open. The Australian dollar was trading at US72.50 cents at 5.17am AEST.
US forces fired on and disabled two Iranian oil tankers on Friday after exchanging fire with Iranian forces in the Strait of Hormuz. The incident is the latest flare-up in fighting that has raised doubts about a month-old ceasefire that the United States has said remains in effect.
The price for a barrel of Brent crude oil rose 1.2 per cent to settle at $US101.29. That is below its highs above $US119 during the conflict but well above its roughly $US70 level from late February before the fighting began. Markets have risen in part on hopes that the Strait of Hormuz will reopen to allow oil tankers to deliver crude from the Persian Gulf.
Strong company profits have helped support the US stock market despite the uncertainties from the conflict. Monster Beverage jumped 13.6 per cent after the energy drink maker reported profit and revenue that topped analysts’ expectations for the latest quarter.
