Jobs day provided a much needed boost for the U.S. economy, as the monthly Non-farm payrolls report handsomely beat expectations. In the latest report, it was revealed that payrolls increased by 379,000 jobs last month after rising by 166,000 in January.
This was the biggest increase so far this year and comes after payrolls fell for the first time in eight months during December.
Markets surged on the news, as it was initially expected that 182,000 jobs were added in February. However, with the results doubled the expected, markets rose across the board.
As of writing the benchmark S&P 500 rose 1.07%, with the Dow Jones up 1.2%. While the tech heavy NASDAQ reversed it fortune of recent days to trade up 0.89%.
OPEC+ agrees to maintain production cuts
The OPEC+ meeting concluded on Friday, and after days of uncertainty the cartel finally agreed to maintain production cuts into April.
As a result, oil prices continued to rise, and hit their highest levels in 14-months on the news.
After initial disagreements between Russia (who wanted to increase supply), and Saudi Arabia (who wanted to remain cautious), OPEC+ settled for a cautious approach, by marginally increasing production by just 150,000 barrels per day (bpd) in April.
This comes as many were calling for an increase of 1.5 million bpd. Saudi Arabia, the de facto leader of the cartel also announced that they would maintain cuts of 1 million barrels per day.
Brent was trading at 69.68 as of writing.
Gold drops below $1,700
Whilst indices and energy markets were climbing, Gold prices dropped to its lowest level in over 8-months.
XAUUSD fell below the key support level of $1,700 on Friday as investors continued to move away from safe havens.
The move which saw gold hit an intraday low of $1,687, was the lowest price it has traded at since June 5th last year.
Prices have since rebounded, and now trade at $1,703, however many believe that Gold could continue to fall in upcoming weeks.
Quote of the day – “We want to perceive ourselves as winners, but successful traders are always focusing on their losses.”– Peter Borish
Senior Market Analyst