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US stock markets get celebrations under way

Published Friday, July 4th, 2014

US equity bulls can rest easy over the long weekend after the keenly-awaited non-farm payrolls report smashed expectations with employers adding 288,000 jobs in June. The unemployment rate duly fell to 6.1%, its lowest level since September 2008, and confirmed that the economy had rebounded strongly in 2Q following a dismal start to the year.

Although the strong report will undoubtedly fuel beliefs of a sooner-than-expected rate rise, these concerns were put on hold as Wall St ventured further into virgin territory. The Dow and S&P 500 closed at their third consecutive record highs with the former breaking 17,000 for the first time and the latter inching to within 1% of the 2,000 level.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.