Stock market today: Wall Street rallies after hiring shows welcome signs of cooling

For markets that was a welcome sign that the Federal Reserve’s efforts to fight inflation by slowing the economy with high interest rates might be making some progress. The S&P 500 rose 1.3% Friday, its biggest gain since February. The Dow Jones Industrial Average rose 1.2%. and the Nasdaq composite climbed 2%. U.S. employers added 175,000 jobs last month, down sharply from a big increase in March. Apple jumped after announcing a mammoth $110 billion stock buyback.

“The demand for labor is slowing, which will eventually ease inflation pressures, giving the Fed some leeway to cut rates later this year,” said Jeffrey Roach, chief economist for LPL Financial. “Slower payroll growth and fewer hours worked imply the economy is slowing at a measured pace. This jobs report is consistent with the soft landing narrative.”

Stubbornly high readings on inflation this year pushed Federal Reserve Chair Jerome Powell to say on Wednesday that it will likely take “longer than previously expected” to get enough confidence about inflation to cut interest rates. The benchmark S&P 500 fell 4.2% in April, its first monthly loss since October, as signals of stubbornly high inflation forced traders to ratchet back expectations for when the Fed could begin easing interest rates.

Amgen climbed 12.4% after the biotechnology company gave investors an encouraging update on a potential obesity drug. Live Nation Entertainment added 7.6% after the ticket seller and concert promoter beat analysts’ first-quarter revenue forecasts.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Stock market today: Wall Street edges higher following surprisingly strong US jobs reportNEW YORK (AP) — Stocks rose on Wall Street Friday and Treasury yields climbed following a hot U.S. jobs report. The S&P 500 rose 0.5%. The Dow Jones Industrial Average gained 113 points, or 0.3% as of 10:10 a.m. Eastern.
La source: SooToday - 🏆 8. / 85 Lire la suite »

Stock market today: Wall Street gains ground following surprisingly strong US jobs reportNEW YORK — Stocks ended solidly higher and bond yields rose Friday as Wall Street welcomed a surprisingly strong U.S. jobs report. The S&P 500 rose 1.1...
La source: YahooFinanceCA - 🏆 47. / 63 Lire la suite »

Stock market today: Wall Street gains ground following surprisingly strong US jobs reportNEW YORK — Stocks posted solid gains on Wall Street as a strong report on employment showed the U.S. economy continues to chug along. The S&P 500 rose 1.1% Friday. The Dow Jones Industrial Average rose 307 points and the Nasdaq composite rose 1.
La source: SooToday - 🏆 8. / 85 Lire la suite »

Stock market today: Wall Street holds steady after a bumpy ride last weekNEW YORK (AP) — Stocks are holding steadier on Wall Street after a roller-coaster end to last week left them a bit shy of their records. The S&P 500 was little changed in early trading Monday.
La source: SooToday - 🏆 8. / 85 Lire la suite »

Stock market today: Stocks go nowhere as Wall Street waits for inflation printInvestors regrouped for a packed week with a fresh inflation data test for rate-cut views and the start of first quarter earnings season.
La source: YahooFinanceCA - 🏆 47. / 63 Lire la suite »