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U.S. stocks soar, dollar slides on positive jobs data
U.S. stocks surged on Friday following the world's largest economy adding more jobs in July than anticipated. This news also pushed the dollar lower, as traders opted for higher-yielding assets. The Dow Jones gained 1.69% to 13,096.17. The S&P 500 rose 2% to 1,389.55. The Nasdaq climbed 2.1% to 2,673.40. The U.S. economy added 163,000 jobs in July, more than the forecast of a 100,000 gain. This was positive news the markets needed on Friday, as there has been a lot of uncertainty recently surrounding the decisions by the U.S. Federal Reserve and European Central Bank backing down from introducing fresh stimulus measures last week.
Friday's trading saw higher-yielding assets such as crude oil and gold make important gains. Meanwhile, the U.S. dollar lost much ground versus its main peers during Friday's session, which saw the EUR/USD rise by 1.7% to $1.2388. The GBP/USD added 0.83% to $1.5643. The USD/JPY gained 0.29% to 78.47 yen.
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