1. Skip to content
  2. Skip to main menu
  3. Skip to more DW sites
Live TV
Latest audioLatest videos
In focus
Paris OlympicsUS election 2024Israel-Hamas
BusinessUnited States of America

US stocks soar on news of jobs growth

November 5, 2021

The S&P 500, Dow Jones Industrial Average and NASDAQ have all hit records after a better-than-expected jobs report from the US Labor Department.

https://p.dw.com/p/42eGh
The NASDAQ building in Times Square, New York
The NASDAQ hit 16,000 for the first time Friday on the news of a strong US jobs reportImage: STRF/STAR MAX/IPx/picture alliance

US stocks reached new records Friday, with the NASDAQ hitting 16,000 points for the first time, following a strong jobs growth report from the US Labor Department.

The jobs growth report showed that US employers added 531,000 jobs in October as unemployment dropped to 4.6%. The Labor Department's figures caused stocks to soar and comes amid a decline in COVID-19 infections in the US.

The wide-ranging rally came after US drugmaker Pfizer's announcement of a new experimental antiviral pill to treat COVID-19. Pfizer was up 7.9% following the announcement that its new drug would cut the risk of developing severe COVID by 89%.

The Labor Department also noted annual hourly earnings increased 4.9% in October as a shortage of workers continued to boost wages. Many Americans have quit jobs they found unsatisfactory in what is being termed "the great resignation" by analysts.

The third quarter has boasted strong growth. Ten of 11 major sectors in the S&P 500 increased with three sectors gaining more than a percentage point each.

Overall, the S&P 500, the Dow Jones Industrial Average and NASDAQ all grew 0.6%. The Dow Jones Industrial Average soared to 36,347 Friday.

Germany's blue-chip index, DAX, also soared on news of the US jobs report, reaching a new all-time high of 16,054.36. In the past week, the DAX rose 2.33%.

ar/nm (AFP, AP, dpa, Reuters)