Stock market today: Wall Street finds some things to like in nuanced jobs report and erases losses

📆 10/6/2023 1:16 PM
📰 AP

⏱ Reading Time:
32 sec. here
2 min. at publisher
📊 Quality Score:
News: 16%
Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

Wall Street is settling down and erasing earlier losses after looking deeper into the nuances of a surprisingly strong report on the U.S. job market. The S&P 500 was 0.4% higher Friday after wiping out an early drop of 0.9%. The Dow was up 156 points, and the Nasdaq composite also flipped to a gain of 0.5%. Stocks initially tumbled after the strong jobs report raised worries about upward pressure on inflation and the Federal Reserve keeping interest rates high. But Treasury yields pared their gains as the report also included some more encouraging nuggets for the Fed's inflation fighters.

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.FILE - Traders work on the floor at the New York Stock Exchange in New York, Friday, July 1, 2022.

But Treasury yields pared their gains as the morning progressed, particulary shorter-term ones, as economists pointed to some more encouraging data within the jobs report. The Fed should be focusing on such moderate wage gains, rather than the growth in jobs, said Brian Jacobsen, chief economist at Annex Wealth Management.Average hourly earnings rose at the slowest rate, on a year-over-year basis, since June 2021.

A strong job market also carries some rewards for financial markets, at least in the short term. It means the economy is still doing well despite high rates, which could support corporate profits.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall Street sinks on worries that a too-hot job market will keep inflation highWorries about a too-hot job market are sending Wall Street lower. The stock market hates high interest rates because they knock down prices for all kinds of investments.
Source: latimes - 🏆 11. / 82 Read more »