Stock Market Today: S&P 500 jumps as softer jobs data cool recession fears

Investing.com-- The S&P 500 closed higher Thursday as better-than-feared labor market data cooled worries that a recession may be on the horizon.This was below the 241,000 expected, and a reduction from the revised 250,000 the prior week, which was an 11-month high. The report eased jitters about weakness in the labor market following last week's soft nonfarm payrolls report.

The main Wall Street indices have suffered steep losses over the past few weeks, with the Nasdaq having entered correction territory, on increasing fears of a recession, following a slew of weak readings on the labor market and business activity.Richmond Fed president Thomas Barkin on Thursday downplayed calls for urgent rate-cutting action, and said the Fed has time to wait to assess the pace of slowing in the economy.

"The path to returning to year over year revenue growth remains unclear which in-turn provides limited valuation support [for the share price," UBS said in a Thursday note.) stock fell 9% after the entertainment giant reported a quarterly net loss of $10 billion, announcing it has written down the value of its traditional television networks by $9.1 billion, a dramatic recognition of how fast streaming is eroding the cable business model.

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