NEW YORK — Wall Street opened sharply higher, erasing its losses for the week, after the government reported a cooldown in hiring last month. 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% in early trading Friday. The Dow Jones Industrial Average added 445 points, and the Nasdaq composite climbed 1.7%. U.S.
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. In Europe at midday, Germany's DAX gained 0.4%, while the CAC 40 in Paris and London's FTSE 100 each picked up 0.5%.The Japanese yen strengthened slightly against the U.S. dollar amid signs of heavy central bank intervention to tamp down the dollar’s advance.
“Even though the economic case for preventing the yen from sliding is much weaker, the Ministry of Finance seems to have responded with an even more forceful round of foreign exchange interventions this week than it did two years ago," Thieliant said.
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