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Stock market today: Wall Street leaps after eventually finding things to like in nuanced jobs report

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NEW YORK (AP) — Wall Street rallied in a whipsaw Friday after looking deeper into the nuances of a surprisingly strong report on the U.S. job market. The S&P 500 rose 1.2% after erasing an earlier drop of 0.9%.

The Dow added 288 points, and the Nasdaq composite flipped to a gain of 1.6%. Stocks initially tumbled after the strong jobs report raised worries about upward pressure on inflation and the Federal Reserve keeping interest rates high. But Treasury yields pared their gains as the report also included some more encouraging nuggets for the Fed’s inflation fighters.NEW YORK — Wall Street is rallying in a whipsaw Friday after looking deeper into the nuances of a surprisingly strong report on the U.S.

Wall Street hates high interest rates because they knock down prices for all kinds of investments. And even though the job market hasn't faltered yet, despite the Fed pulling its main interest rate to the highest level since 2001, high rates work to extinguish high inflation by slowing the entire economy. That raises the risk of a recession down the road.

The Fed should be focusing on such moderate wage gains, rather than the growth in jobs, said Brian Jacobsen, chief economist at Annex Wealth Management.Average hourly earnings rose at the slowest rate, on a year-over-year basis, since June 2021. A strong job market also carries some rewards for financial markets in the short term. It means the economy is still doing well despite high rates, which could support corporate profits.

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