Wall Street stocks kick off new week on higher note

Wall Street stocks kicked off the week on an upbeat note after losses in the previous session, when a hot US jobs report added to expectations of aggressive interest rate rises by the Federal Reserve.

The blue-chip S&P 500 and the tech-heavy Nasdaq Composite both rose 0.6 per cent at the open on Monday. In Europe, the Stoxx 600 gained 1.1 per cent. Hong Kong’s Hang Seng index closed down 0.8 per cent.

Some clean energy related shares gained after the Senate passed a $430 billion climate bill, the Inflation Reduction Act, which is expected to be passed by the House later this week. The Invesco Solar ETF was higher by 4% in early trading.

US government debt also made gains, with the yield on the 10-year Treasury note falling 0.04 percentage points to 2.79 per cent, as the price of the benchmark instrument increased. The yield on the 10-year German Bund, a proxy for eurozone borrowing costs, fell 0.06 percentage points to 0.89 per cent.

Those moves came after a labour report for the world’s largest economy on Friday showed the unemployment rate returning to a half-century low, with employers adding 528,000 jobs in July — more than double the 250,000 anticipated by economists.

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