Power Breakfast: Strong Rebound In US Market After December Jobs Data, Wage Growth Remains Lower Than Expected

US markets closed sharply higher after the December Jobs data. Dow jumped 700 points and the NASDAQ rose 2.5%. The bond yield slipped to 3.56%. In December, more than 2 lakh to 2.23 lakh jobs were added. The unemployment rate fell from 3.7% to 3.5%. Wage growth in the US was lower than expected. Average hourly earnings decreased from an estimated 5% to 4.6%. Lower than expected wage growth indicates further reduction in inflation. Apart from this, there was a rise of 1-1.5% in Europe.