Stock market today: Wall Street rises after a blockbuster jobs report

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NEW YORK (AP) — U.S. stocks closed higher after a surprisingly strong U.S. jobs report raised optimism about the economy. The S&P 500 added 0.9% Friday and neared its all-time high set on Monday. The Dow Jones Industrial Average climbed 0.

NEW YORK — U.S. stocks closed higher after a surprisingly strong U.S. jobs report raised optimism about the economy. The S&P 500 added 0.9% Friday and neared its all-time high set on Monday. The Dow Jones Industrial Average climbed 0.8% and reached its own record. The Nasdaq composite rose 1.2%. Banks, cruise-ship operators and other companies whose profits can benefit the most from a stronger economy led the way.

They helped stock indexes claw back some of their losses from earlier in the week, caused by worries that worsening tensions in the Middle East could lead to disruptions in the global flow of oil. Crude prices ticked higher again on Friday, but the moves were more modest than earlier in the week, as the world continued its wait to see how Israel will respond to Iran’s missile attack from Tuesday.Treasury yields soared in the bond market after the U.S.

Before Friday’s jobs report, the general trend had been a slowdown in hiring by U.S. employers. That’s not surprising given how hard the Fed pressed the brakes on the economy through higher rates in order to stamp out high inflation. “This report tells the Fed that they still need to be careful as a strong labor market along with sticky housing/shelter data shows that it won’t be easy to engineer meaningfully lower inflation from here in the nearer term,” according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute.

The forced rethink about how much lower rates will ultimately go also hurt stocks of home builders, real-estate owners and other companies that flourish when rates are easier for mortgages.

 

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