S&P 500, Nasdaq hit fresh all-time highs despite weak jobs data; GIFT Nifty up

Bulls likely to support Nifty next week too

The S&P 500 reached a new all-time high of 5,188.59 on March 8 as US job growth totaled to 275,000 in February. Despite the rise in unemployment rate to 3.9 percent, the indices traded up with the S&P 500 trading 0.58 percent higher at 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 job data couldn’t shake the positive investor sentiment running on expectation of rate cuts later during the year.

Earlier during the week, Federal Reserve Chair Jerome Powell presented a testimony before the Congress, announcing that the brisk inflation and hiring data in January haven’t affected the possibility of rate cuts expected later in 2024.

The GIFT Nifty also traded positive, 0.13 percent higher at 22,733.50.

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European markets traded mixed with the CAC up 0.21 percent at 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 flat-to-negative at 17,826.69 and the FTSE was down 0.55 percent at 7,650.40.

Earlier during the day, Asian indices traded positive. The Nikkei was up 0.23 percent at 39,688.94 and the Hang Seng ended 0.76 percent higher at 16,353.39.

The Nifty and Sensex remained closed on March 8 on account of Mahashivratri.

Crude continued trading in the red for a second day in a row, down 0.58 percent at 78.47. Brent also traded 0.46 percent lower at 82.58 per barrell.