Global equity markets climb as tech shares wobble

World stock indexes rose last week, recovering losses from the previous session. On Wall Street the Dow Jones Industrial Average gained about 2% to a record 52,900 points, the S&P 500 rose 1.8% to 7,483 points and the Nasdaq advanced 2.1% to 25,832 points. European markets also posted gains: Britain’s FTSE 100 increased 1.6% to 10,679 points, Germany’s DAX jumped 4.5% to 25,779 points and France’s CAC 40 rose 1.4% to 8,508 points.

The technology sector remained volatile. Chip‑maker shares fell sharply in the second half of the week after a strong rally in the prior quarter, although the sector is still up roughly 78% year‑to‑date. Bruce Zaro, director at Granite Wealth Management, said, “Investors probably taking profits after a strong year‑to‑date gain.”

U.S. June employment data showed only 57,000 jobs added, far below analysts’ expectation of 110,000. The weak labor market eased concerns that the Federal Reserve will raise interest rates aggressively, though high inflation suggests a possible 0.25‑percentage‑point hike later in the year.