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February 17th - According to the New York Post, US President Trump stated on Monday that the $5 billion pledged for the reconstruction of the Gaza Strip will be used for projects approved by the Peace Commission, which will meet near the White House later this week. This fundraising, announced ahead of Thursdays summit, is the first phase of a $70 billion reconstruction effort estimated by a joint study by the United Nations, the European Union, and the World Bank. When asked about the funds, Trump said in a brief phone interview, "It will be used to make Gaza function successfully." He added that the funds will be used to "stabilize Gaza and ultimately benefit other areas of the world where peace can be achieved," hinting at his ambitious vision for the commission, which he chairs. When asked if the pledged funds would be used to build housing for Gazas nearly 2 million people, Trump said, "We havent decided yet...that will be decided by the commission."Ukrainian President Zelensky: Russia is preparing for a further large-scale attack on the energy sector, which requires a properly configured air defense system and timely support from partners.Ukrainian President Zelensky: Ukraine is simultaneously focusing on military preparations and diplomatic efforts.Greek energy company Chevron (CVX.N) has signed a maritime concession agreement with the Hellenic Republic for hydrocarbon exploration and production.According to Nikkei: Mizuho Bank Securities is facing an insider trading investigation.

S&P 500 Index, NASDAQ Composite Attempting to Recover from Knee-jerk Reaction to Hot Labor Market Report

Florala Chen

Dec 05, 2022 15:43



As traders attempt to recover earlier losses, the tech-heavy NASDAQ Composite and the benchmark S&P 500 Index are down late in trading on Friday but still much above their intraday lows.


As investors changed their bets in anticipation of a more hawkish-than-expected Federal Reserve response to a positive U.S. job market report, U.S. stocks declined and U.S. Treasury yields increased.


The November Non-Farm Payrolls report, which showed employers increasing wages amid worries of a recession and hiring more people than anticipated in November, is the driving force behind the price movement.


The blue-chip Dow Jones Industrial Average is currently trading at 34294.50, down 100.51 or -0.29%, at 19:00 GMT. The NASDAQ Composite Index is trading at 11394.84, down 87.61 or -0.76%, and the S&P 500 Index is at 4054.08, down 22.49 or -0.55%.

Jobs Hotter Than Expected Report

In contrast to economists' predictions of 200,000 jobs, the U.S. Labor Department reported that nonfarm payrolls expanded by 263,000 jobs last month. Additionally, average hourly wages rose by 0.6% from 0.5% in October. Traders have a 0.3% increase factored in. The Unemployment Rate, the report's lone positive point, remained constant at 3.7% even though the Fed would have preferred an increase.


According to the data, employers appear unconcerned about rising interest rates. They must first believe they need the people, and they must also be sure they can turn a profit even in an environment with rising interest rates.

Leading the Job Gains Were the Leisure and Hospitality Sectors

According to the report's internal statistics, the industry that added the most jobs, 88,000, was leisure and hospitality. Since consumers are traveling and dining out after being quarantined due to the pandemic, this is not really surprising.


Surprisingly, the building sector generated 20,000 jobs as well, despite the housing sector suffering from four straight rate rises of 0.75 percentage points.

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