A smaller-than-expected rise in American non-farm employment numbers gave stock markets around the world a major boost yesterday, with share prices rising strongly. The Irish market reached another new high with heavy demand for the main banking shares in particular.
American non-farm employment rose by 217,000, slightly less than the figure predicted by analysts. The view in the market was that there was nothing in the figures that called for any further rises in interest rates by the Federal Reserve and stock and bond markets responded accordingly.
The Dow Jones index of 30 blue-chip stocks set a new record, clocking up a rise of 100.43 to close at 7895.81.
In Dublin, more than Pounds 180 million was added to the value of financial shares, as strong demand for AIB and Bank of Ireland drove both stocks up to new highs.
In London, the FTSE index of the top 100 companies rose by 1.7 per cent and closed up more than 80 points at a new high of 4831.7.
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