Markets defy impending Fed rate hikes

SINGAPORE – Weaker-than-expected

US December jobs data

fanned a strong Wall Street rally, just days after minutes of the last Federal Reserve meeting indicated that the United States central bank was not inclined to pivot away from its hawkish stance on rates.

The Dow Jones index

surged a remarkable 700.53 points

, or 2.13 per cent, last Friday, to tally up a 1.46 per cent gain for the week as it closed out at 33,630.61 points.