Stock market today: Wall Street gains ground following surprisingly strong US jobs report

NEW YORK — Stocks ended solidly higher and bond yields rose Friday as Wall Street welcomed a surprisingly strong U.S. jobs report.

Friday's gains followed a late-day slump in stocks on Thursday after a Fed official unsettled investors by questioning whether the central bank needs to cut rates at all this year amid a strong economy. “As long as the market gets one or two cuts and the Fed doesn't leave rates unchanged, that's good enough for equity investors,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.The Fed's benchmark interest rate remains at its highest level in two decades as a result of historic rate hikes meant to tame inflation. The strategy has seemingly worked so far, with overall consumer prices falling drastically from a peak in 2022.

Wall Street has a slightly better than even bet that the Fed will trim rates at its June meeting, according to CME's FedWatch Tool. That's down from 65.9% on Thursday and 72% a month ago. Johnson & Johnson slipped 0.1% after the pharmaceutical giant said it was buying the medical technology company Shockwave in a deal worth about $13 billion.more than 600 workers in California, marking its first big wave of post-pandemic job cuts amid a broader wave of tech industry consolidation. Companies in the tech sector have been slashing their workforces for two years, but the actions have had little impact on the broader employment market.

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