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Felicia Tan
June 4 20:12

US markets rise on statistics and expectations for economic recovery

Major U.S. stock indices are rising, traders expect economic recovery amid weakening quarantine measures, estimating also strong statistics on the country, according to the data of trading platforms.
Dow Jones Industrial Average (DJIA) index grew by 1.01% to 26001.91 points, the NASDAQ hi-tech companies index - by 0.59% to 9664.84 points, the S&P 500 broad market index - by 0.84% to 3106.79 points.
Markets are optimistic about the prospects for economic recovery, which was shaken by the crisis due to the coronavirus pandemic, as many countries are beginning to weaken quarantine measures and are taking measures to support the economy. Analysts expect a decline in global GDP this year, followed by a recovery in 2021, but the situation remains uncertain, including the risks of a new wave of infection.
Bidding and domestic statistics are also supported. According to the analytical company Automatic Data Processing (ADP), the number of jobs in private companies in the U.S. in May decreased by 2.76 million compared with a revised figure of the previous month of 19.557 million, although a decline of 9 million was expected.
The U.S. Service Business Activity Index for May from the U.S. Institute for Supply Management (ISM) grew stronger than expected. In the reporting month the index rose to 45.4% from April 41.8%, analysts predicted growth only to 44%.