U.S. overall stocks increased last Monday as the Federal Reserve can no longer hold off, raising the country’s offset on interest rates over Friday’s unexpected weak overall monthly jobs report data.
The overall jobs report revealed below than expected performances, showing that U.S. employers in the previous month added the lowest number of jobs in a year. Last Good Friday, the U.S. stock markets didn’t open.
Due to the recent economic weakness, last Monday, an ISM report reported that the current pace of U.S. services sector growth decreased last March, recording its lowest levels for three consecutive months.
LibertyView Capital’s Management president, Rick Meckler, an investment firm based in New Jersey, stated that the weekend has allowed current market participants to experience the positive effects of last Friday’s weak jobs number that may lead to rates probably not to rise quickly.
The recorded Dow Jones industrial overall average increased 0.66% or 117.61 points, amounting to 17,880.85. While the S&P 500 increased 0.66%, or 13.66 points, amounting to 2,080.62. The Nasdaq Composite Index meanwhile increased 0.62% or 30.38 points, amounting to 4,917.32.
The overall gains of the day led to the Dow to increase 0.3% so far for the year 2015. The S&P 500 also increased 1.1% since December 31.
BATS Global Markets reports that almost 6.2 billion of shares changed hands during U.S. exchanges, which matched daily overall average.