Wall Street set for higher open as labor market regains momentum

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Wall Street was set to open higher on Friday after data showed faster-than-expected jobs growth in February, reinforcing bets on an economic ...

REUTERS: Wall Street was set to open higher on Friday after data showed faster-than-expected jobs growth in February, reinforcing bets on an economic rebound driven by massive fiscal stimulus and vaccination drives.

Federal Reserve Chair Jerome Powell on Thursday offered an optimistic view of the labor market, but cautioned a return to full employment this year was"highly unlikely." "Markets have reached a point where the reaction to the yield movements has gotten satiated with investors looking at the possibility that they might have oversold," said Art Hogan, chief market strategist at National Securities in New York.The tech-heavy Nasdaq on Thursday slipped into negative territory on the year, ending just short of 10per cent from its Feb. 12 intraday record high that would confirm a correction.

 

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