Stocks are rallying Friday after a 'blowout' monthly jobs report, a reminder of how messy containing inflation can be to tame once it's out of the can. The still-hot labor market might be spurring more worry that interest rates, at the highest in two decades, may not yet be high enough. But stocks just turned higher? The Dow Jones Industrial Average advanced about 300 points ahead of midday, up 0.
'Given how hot the job market is and how resilient the consumer is, it appears that the rapid rise in interest rates that we’ve seen – 550 bps in a year and a half – still hasn’t dampened the economy,' Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, wrote in emailed comments. 'One of the big oxymorons on Wall Street is whether Good News is good news or Good News is bad news?' For now, the good news on a powerful employment picture in the U.S.
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