Yesterday I wrote about how US markets fell following bad news from the french banking sector. Well today we are seeing the wall street in a very positive mood. At 1.00 IST the three major US indices, the DOW, NASDAQ and S&P 500 are trading almost 5% above their previous close. This surge in markets has been caused by jobs data released today.
As revealed by the jobs data, the first time jobless benefits claim fell by 7,000 in the week ended August 6, this is the lowest level since April of this year. Market experts are saying that this is an indicator that the economy is growing at a moderate pace. The markets remain highly volatile though. The thing that's driving the markets is the news coming out of Europe.
Markets were also buoyed by the better than expected results posted by some big names like CISCO which rose 16% after it posted figures that beat market expectations. On the home front TATA Motors announced a flat profit the quarter at Rs. 19.19 billion. The European markets too turned around yesterday's loss and ended the day in green.
Global markets are highly volatile and all eyes are focused on how the Euro debt crisis unfolds. The crisis is has affected countries on both ends of the spectrum. Recently doubts have been cast over France, which till now was in the rescuer's camp as well the tiny nation of Cyprus has been engulfed by the crisis. The Cyrus finance minister made a statement that a bailout was imminent.
As revealed by the jobs data, the first time jobless benefits claim fell by 7,000 in the week ended August 6, this is the lowest level since April of this year. Market experts are saying that this is an indicator that the economy is growing at a moderate pace. The markets remain highly volatile though. The thing that's driving the markets is the news coming out of Europe.
Markets were also buoyed by the better than expected results posted by some big names like CISCO which rose 16% after it posted figures that beat market expectations. On the home front TATA Motors announced a flat profit the quarter at Rs. 19.19 billion. The European markets too turned around yesterday's loss and ended the day in green.
Global markets are highly volatile and all eyes are focused on how the Euro debt crisis unfolds. The crisis is has affected countries on both ends of the spectrum. Recently doubts have been cast over France, which till now was in the rescuer's camp as well the tiny nation of Cyprus has been engulfed by the crisis. The Cyrus finance minister made a statement that a bailout was imminent.
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