DJIA clocks gains of 112.19 points to finish the week at 14922.50 - Eastern Financiers

Despite mediocre Jobs data and higher crude prices owing to uncertainty over the Syrian Crisis, US markets ended higher for the week. The Dow Jones Industrial average cloaked in gains of 112.19 points or 0.76 to finish the week at 14922.50. While the Tech-rich Nasdaq Composite climbed up 70.14 points or 1.95 percent to conclude trade at 3660.01, the broad based S&P 500 Index soared 22.20 points or 1.36 percent to shut shop at 1655.17.

European markets ended the week on a positive note after economic data from US fell short of expectations fuelling speculations that the Fed would not be actively considering the tapering of the monetary stimulus as the economic recovery still remains fragile. The CAC Index emerged as the biggest gainer in the region garnering gains of 115.41 points or 2.93 percent to end at 4049.19. While the FTSE-100 inched up 134.40 points or 2.10 percent to finish at 6547.33, the Germany's DAX Index managed to gain 172.52 points or 2.13 percent closing at 8275.67.

Led by strength in all the major currencies in the region and strong global cues, Asian markets ended the week on a positive note. All the major indices ended in the green, gaining between 1.50-4.09 percent.

Service industries in the U.S. expanded in August at the fastest pace in almost eight years as a pickup in demand encouraged companies to step up hiring, showing the world's biggest economy is gaining momentum. The Institute for Supply Management's non-manufacturing index increased to 58.6 from 56 the prior month. Also, U.S. ISM manufacturing Index rose to a 28-month high of 55.7 in August as compared to a reading of 55.4 in July.

US employers hired fewer workers than expected in August and the jobless rate hit a 4-1/2-year low as Americans gave up the search for work, complicating the Federal Reserve's decision on whether to scale back its massive monetary stimulus this month. Nonfarm payrolls increased by 169,000 jobs last month, the Labor Department said, falling short of expectations. In addition, the job count for June and July was revised to show 74,000 fewer positions added than previously reported.

German manufacturing grew at the fastest pace in two years in August owing to robust demand at home and abroad. Markit's Purchasing Managers' Index (PMI) for the German manufacturing sector, which makes up around one-fifth of the economy, rose to 51.8 in August from 50.7 the previous month. New export orders also rose for the first time since February.

Source : Equity Bulls

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