Dow higher after soft jobs report as stocks head for biggest weekly gain of 2023

U.S. stocks were trading higher Friday morning after a weaker-than-expected October jobs report sent Treasury yields lower.What’s happening The Dow was on track for its strongest weekly gain since the week ended Oct. 28, 2022, while the S&P 500 and Nasdaq headed for their strongest weekly rises since November of last year.

“The good news here is that the slowdown will likely keep the Fed on the sidelines going forward. One of their key concerns has been an overheated economy, especially after last quarter’s GDP growth, and this suggests that problem is going away,” said Brad McMillan, chief investment officer for Commonwealth Financial Network, in a note.

“For markets, the question on everyone’s mind over the last few days is if the correlated rally post Fed and refunding announcement will stick or if markets will revert to rejecting the current policy mix of loose fiscal and tight monetary.

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