Stocks rose on Friday, but all major averages headed for a week of losses, with investors Absorbed the jobs report for the month of October What does that mean for the pace of future rate hikes by the Federal Reserve?
The Dow Jones Industrial Average jumped 540 points, or 1.7%. The S&P 500 and Nasdaq Composite are advancing 1.8% and 1.7%, respectively.
Better than expected October Nonfarm Payrolls Report Friday heightened some concerns that the Fed will continue its tightening campaign. the report Show 261,000 payroll added in October, exceeding the Dow Jones estimate of 205,000 additions. However, the unemployment rate came in at 3.7%, slightly higher than the expected 3.5%.
Some investors viewed Friday’s jobs print as a mixed picture, given both rising unemployment and jobs. But investors may interpret it positively because it indicates a slowdown in the labor market without a collapse in the economy, said Keith Lerner, chief market strategist at Truist Advisory Services.
“If it was all a broad-based force, I think that would actually be more of a concern for the market,” he said. “In an ironic way, the mixed report is likely to be a good market report because it shows that the economy is not falling off a cliff.”
In other news, hopes to reopen in China US-listed Chinese stock shares pushed up Friday, although the government has not officially announced a hub. Pinduoduo, JD.com and Alibaba shares all jumped.
Investors continued to assess the latest 0.75 percentage point hike in interest rates from the Federal Reserve, and when the pivot might come.
Despite Friday’s gains, all major averages are on track to close the week with losses, with the Dow Jones down 0.9% and set to end four weeks of gains. The S&P and Nasdaq are down 2.8% and 5.1%, respectively, on track to break their two-week winning streak. The tech specialist Nasdaq is also on track for its worst weekly performance since January 2022.
Corporate earnings season continues, with mobile payment company roadblock Jumped 17% after exceeding expectations. Carvana Participation decreased as it recorded a greater loss than expected, while Both Twilio and Atlassian collapsed badly Disappointing directions.
Friday’s moves come after another bearish session on Wall Street. On Thursday, the Dow Jones lost about 0.5%, while the S&P 500 was down 1%. Meanwhile, the Nasdaq fell 1.7%.
Friday’s moves come after another bearish session on Wall Street.
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