Buoyant US economy boosts shares
Saturday 09 January 1999
The surprising buoyancy helped share prices climb further. By mid-morning the Dow Jones index was up nearly 55 points at 9,592.35. The dollar gained against the euro and the yen. It reversed a dip below 110 yen on Thursday to climb above 112 yen.
In London the FTSE 100 index ended 46 points higher at 6,147.2, having briefly touched a new high of 6,195.6 during the day.
Even adjusting yesterday's US figures for a 104,000 boost to construction employment from unseasonably warm December weather, the rise in the non- farm payrolls total was well above analysts' expectations.
The news, following strong reports on the post-Christmas sales and the housing market earlier in the week, dimmed any remaining hopes for a further interest rate cut.
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