S&P 500 and Nasdaq hit new all-time highs despite weak jobs data; GIFT | Top Vip News

The S&P 500 hit a new all-time high of 5,188.59 on March 8, while U.S. job growth climbed to 275,000 in February. Despite the rise in unemployment rate to 3.9 per cent, indices traded higher with the S&P 500 rising 0.58 per cent to 5,187.39 at 20:45 IST.

The Nasdaq Composite also set a new record at 16,437.00, while the Dow Jones Industrial Average traded 0.32 percent higher at 38,917.32. Experts noted that the US employment data failed to alter positive investor sentiment amid expectations of rate cuts later in the year.

Earlier in the week, Federal Reserve Chairman Jerome Powell presented testimony before Congress, announcing that strong January inflation and hiring data have not affected the possibility of rate cuts expected later in 2024.

The GIFT Nifty also traded positive, up 0.13 per cent at 22,733.50.

Also read: Financial crises are a feature, not a bug, of the American system

European markets were mixed and the CAC rose 0.21 percent to 8,033.71, continuing its bullish streak above the 8,000 mark. The DAX and FTSE, however, traded in the red. At 20:45 IST, the DAX was stable to negative at 17,826.69 and the FTSE was down 0.55 percent at 7,650.40.

Earlier in the day, Asian indices traded positive. The Nikkei rose 0.23 percent to 39,688.94 and the Hang Seng finished 0.76 percent higher at 16,353.39.

Nifty and Sensex remained closed on March 8 due to Mahashivratri.

Crude oil continued to trade in the red for the second day in a row, falling 0.58 percent to 78.47. Brent also traded 0.46 percent lower at 82.58 per barrel.