Stock Market Today: Dow in biggest weekly gain of 2023 as monthly job gains slow

Investing.com -- The Dow closed higher Friday, wrapping up the week with its biggest weekly gain this year as a weaker-than-expected jobs report stoked hopes that Federal Reserve rate hikes are now in the rearview mirror, pushing Treasury yields sharply lower.

The blue chip Dow ended up 5.1% for the week, notching its best week since October 2022. The broad-based S&P is up 5.9% this week and the tech-heavy Nasdaq 6.6%.The fewer-than-expected jobs created in October and easing wage pressures stoked investor expectations the the Fed is unlikely to deliver another rate hike this year.

"Given Powell's dovish tone at the FOMC meeting this past week and the softness of this data, it is hard to see how the Fed might hike again in December. It is very likely that we already saw the final hike for this cycle in July," Jefferies said in a note.) cut the bulk of losses to end the day 0.5% lower after the tech giant forecast weaker-than-expected sales for the current key holiday quarter, blaming weak demand for iPads and wearables, especially in the key market of China.

The California company flagged that revenue in its December quarter -- typically one of its largest due to holiday shopping -- would be in line with the corresponding time frame last year. However, the quarter will be one week shorter.) beat expectations on profit but missed on revenue, and same store sales for Burger King were lower than expected, sending its shares nearly 2% lower.

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