Stock market today: Wall Street rises after a blockbuster jobs report

NEW YORK — U.S. stocks closed higher after a surprisingly strong U.S. jobs report raised optimism about the economy. The S&P 500 added 0.9% Friday and neared its all-time high set on Monday. The Dow Jones Industrial Average climbed 0.8% and reached its own record. The Nasdaq composite rose 1.2%. Banks, cruise-ship operators and other companies whose profits can benefit the most from a stronger economy led the way.

They helped stock indexes claw back some of their losses from earlier in the week, caused by worries that worsening tensions in the Middle East could lead to disruptions in the global flow of oil. Crude prices ticked higher again on Friday, but the moves were more modest than earlier in the week, as the world continued its wait to see how Israel will respond to Iran’s missile attack from Tuesday.Treasury yields soared in the bond market after the U.S.

Before Friday’s jobs report, the general trend had been a slowdown in hiring by U.S. employers. That’s not surprising given how hard the Fed pressed the brakes on the economy through higher rates in order to stamp out high inflation. “This report tells the Fed that they still need to be careful as a strong labor market along with sticky housing/shelter data shows that it won’t be easy to engineer meaningfully lower inflation from here in the nearer term,” according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute.

The forced rethink about how much lower rates will ultimately go also hurt stocks of home builders, real-estate owners and other companies that flourish when rates are easier for mortgages.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Wall Street drifts near record highs following recent big movesNEW YORK (AP) — U.S. stocks are drifting around their records as financial markets around the world take a pause following big recent moves. The S&P 500 was up 0.1% in early trading Wednesday.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street leaps toward records as jubilation sweeps markets worldwideNEW YORK (AP) — Wall Street is roaring toward records Thursday as a delayed reaction of jubilation sweeps markets worldwide following the Federal Reserve’s big cut to interest rates. The S&P 500 was 1.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street wavers a day after setting record highsU.S. stocks are drifting in early trading after leaping to records the day before as part of a worldwide rally. The S&P 500 was down 0.2% Friday but still on track for its fifth winning week in the last six.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street rallies following a burst of hiring in SeptemberNEW YORK (AP) — U.S. stocks are rallying on a rush of optimism after a report showed employers went on a stronger spree of hiring last month. The S&P 500 was 0.7% higher in early trading Friday and pulling toward its all-time high set on Monday.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street drifts in mixed trading ahead of Fed meeting this weekNEW YORK (AP) — U.S. stocks are drifting in mixed trading, offering a break from their whipsaw moves in recent weeks. The S&P 500 slipped 0.1% early Monday. The Dow Jones Industrial Average was up 255 points, or 0.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street drifts near its record highsNEW YORK (AP) — U.S. stock indexes are drifting around their records as hopes hold that the economy can pull off the rare feat of getting painfully high inflation under control without a recession. The S&P 500 was up 0.
Source: SooToday - 🏆 8. / 85 Read more »