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Stock market today: Wall Street finds some things to like in nuanced jobs report and erases losses

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Wall Street is settling down and erasing earlier losses after looking deeper into the nuances of a surprisingly strong report on the U.S. job market. The S&P 500 was 0.4% higher Friday after wiping out an early drop of 0.9%. The Dow was up 156 points, and the Nasdaq composite also flipped to a gain of 0.5%. 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.

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But Treasury yields pared their gains as the morning progressed, particulary shorter-term ones, as economists pointed to some more encouraging data within the jobs report. 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, at least in the short term. It means the economy is still doing well despite high rates, which could support corporate profits.

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