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The greenback and the Japanese yen climb as investors seek safety following a worse-than-expected report on the U.S. job market
The dollar and yen rose Friday after a report showed the U.S. unemployment rate spiked and the economy lost more jobs than expected, stoking concerns about the U.S. economy and restoring safe-haven demand for both currencies.
Major indexes finished higher Friday, led by industrial stocks, despite news that the U.S. jobless rate topped 10% in October, U.S. stock indexes closed higher Friday as investors snapped up industrial and other selected issues after an earlier market decline that was fueled by news the U.S. economy lost 190,000 jobs and the jobless rate hit a 26-year high of 10.2% in October. The late rally drove the Dow industrials above 10,000 for a second day.
Government debt prices move higher after Labor Department reports unemployment rate spiked to 10.2%. Treasury prices were higher Friday after the government reported that unemployment spiked to 10.2% — its highest level since April 1983.
The jump raised demand for the perceived safety of government-backed debt, which typically attracts investors in times of economic uncertainty.
Gold powered through $1,100 an ounce Friday after the U.S. government said the nation’s unemployment rate rose more than expected last month, fueling demand for the metal as a safe haven.
December gold jumped $6.40 and settled at 1,095.70 an ounce after surging to an all-time high of $1,101.90 an ounce earlier.
JPMorgan and Wells may steal the headlines. But smaller banks like Chicago’s MB Financial and L.A.’s City National are quietly rising through the ranks. JPMorgan Chase, Wells Fargo and other bank behemoths have bulked up over the past year. But they’re not the only ones getting bigger these days.
Dozens of small banks that were otherwise anonymous in the years leading up to the financial crisis have also enjoyed robust growth in recent months.