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Stocks higher after US debt deal and jobs surge

Wall Street

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4.30pm: US jobs ahead of forecast

The Dow Jones Industrial Average surged over 700 points mid-afternoon as investors applauded Congress’s passage of the debt ceiling deal and celebrated a cheerful jobs report.

The blue-chip index was up 2.2%, putting it on track for the best daily gain since November 2022. The S&P 500 gained 1.6% and the Nasdaq Composite rose 1.2%.

New job figures renewed hopes that the US economy can shake off recession fears.

The US created 339,000 jobs in May, well ahead of economists’ estimates of 190,000.

The FTSE 100 closed 117.01 points (1.56%) higher at 7,607.28.

Other European markets enjoyed a boost on Friday. Germany’s Dax was up 1.25% and France’s Cac lifted 1.87 at close.

In company news, budget airline Wizz Air said it carried 22% more passengers in May, compared with the same month last year, as it plans new flights between more destinations in Europe.

The biggest risers on the FTSE 100 were Prudential, up 62p to 1,153p, Antofagasta, up 76.5p to 1,456.5p, Anglo American, up 118.5p to 2,418p, Glencore, up 17p to 433.9p, Weir Group, up 67p to 1,782.5p.

The fallers included BT Group, down 5p to 143.65p, Vodafone Group, down 0.5p to 75.63p, SSE, down 12p to 1,868p and Hiscox, down 5p to 1,169p.

Brent crude, the international benchmark, is also higher, up 1.1% to more than $75 a barrel.

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