US stocks closed higher on Friday

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Source: Dukascopy Bank SA
US stocks pared gains on Friday after weaker-than-expected labour market data from the US. US non-farm payrolls increased less than forecast in August. At the same time, unemployment rate unexpectedly declined from 8.3% to 8.1% last month, mainly as more people gave up looking for jobs. However, hopes that the Fed will ease its monetary policy in response to weakening job market buoyed US equities. The S&P 500 Index added 0.41% to end the week at 1,437.92. A half of sectors within the index moved higher. The top-performers were basic materials and oil and gas companies. Airgas, Cliffs Natural Resources and FMC advanced by 1.69%, 14.19% and 0.81%, respectively. Oil and gas companies were lifted by strong energy prices. Alpha Natural Resources, Apache and Devon Energy rose 16.75%, 3.87% and 1.61%, respectively. At the same time, telecommunications and consumer goods weighted down on the US stocks index, with CenturyLink and Wal-Mart Stores falling by 2.37% and 1.32%. 

 

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