Business & Markets
Dollar falls, S&P 500 hits record after jobs drop
The dollar fell and global stock markets rose on Friday after US jobs data showed the economy lost 23,000 jobs in July, easing market concern that the Federal Reserve could soon raise interest rates.
The S&P 500 gained 0.6% to close at a record 7,757.64. The Nasdaq rose 1.3% to 26,690.62, and the Dow Jones Industrial Average added 0.3% to 54,036.93.
US Bureau of Labor Statistics data showed the unemployment rate edged down to 4.1%. The agency also revised May and June job growth down by 103,000, pointing to a weaker labour market than earlier figures had suggested. Economists polled by Dow Jones Newswires and The Wall Street Journal had expected 83,000 jobs to be added in July.
Thomas Ryan, an economist at Capital Economics, said the figures were “likely to revive concerns among Fed officials about the health of the labor market” and make them less inclined to commit to near-term tightening. Art Hogan of B. Riley Wealth Management said the data would likely give the Fed pause in considering rate increases.
European markets mostly closed higher, with Paris, Frankfurt and Milan again reaching all-time highs. London's FTSE 100 rose 0.3%, Paris's CAC 40 gained 0.2% and Frankfurt's DAX added 0.7%. In Asia, Tokyo's Nikkei 225 closed down 0.1%, while Hong Kong's Hang Seng Index rose 0.5% and Shanghai's Composite gained 1.0%.
The dollar weakened against several major currencies. The euro rose to $1.1567 from $1.1524 on Thursday, the pound rose to $1.3499 from $1.3456, and the dollar fell to 157.50 yen from 158.40 yen.
Oil prices turned higher before the weekend in the absence of confirmation of a US-Iran accord linked to the Strait of Hormuz. Brent North Sea crude rose 1.3% to $83.55 a barrel, while West Texas Intermediate gained 1.2% to $78.18.
Update
The S&P 500 closed up 0.6% at a record 7,757.64.
The Nasdaq closed up 1.3% and the Dow closed up 0.3%.
The euro rose to $1.1567 from $1.1524 on Thursday, and the pound rose to $1.3499 from $1.3456.
Brent crude closed up 1.3% at $83.55 a barrel and West Texas Intermediate rose 1.2% to $78.18.
Art Hogan of B. Riley Wealth Management said the jobs data would likely give the Federal Reserve pause in considering interest rate hikes.
Source note: AFP news report published on 7 August 2026 at 20:25:25 UTC.
Update
US and European stock market figures were updated around 1545 GMT.
Paris, Frankfurt and Milan closed at all-time highs, according to the AFP item.
Oil prices turned higher before the weekend, with Brent at $83.60 a barrel and West Texas Intermediate at $78.25.
The euro was at $1.1526, the pound at $1.3498 and the dollar at 157.50 yen in the latest figures supplied.
Source note: AFP news report published on 7 August 2026 at 15:54:55 UTC.
Update
The dollar fell after the US jobs report showed 23,000 jobs were lost in July.
Wall Street indexes rose in early trading, with the Nasdaq up 0.9% around 1350 GMT.
European stocks added to earlier gains, while Asian trading was mixed.
Brent crude was down 0.6% at $81.99 a barrel and West Texas Intermediate was down 0.4% at $77.00 around 1350 GMT.
Capital Economics economist Thomas Ryan said the jobs data was likely to revive Federal Reserve concerns about the labour market.
Source note: AFP news report published on 7 August 2026 at 13:58:04 UTC.
Update
US stocks rose shortly after trading opened Friday.
US government data showed the economy shed 23,000 jobs in July and the unemployment rate edged down to 4.1%.
Sam Stovall of CFRA said the weak jobs figures reduced expectations of a Federal Reserve rate hike at the September meeting.
The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite were all higher shortly after the open.
Source note: AFP news report published on 7 August 2026 at 13:45:10 UTC.
Uncertainty notes
No US-Iran accord linked to the Strait of Hormuz had been confirmed in the supplied material.
The supplied material cites reports that Iran was planning to block US and Israeli ships from the waterway, but does not establish that as confirmed fact.
Source
AFP news report published on .