Stock market today: Wall Street rallies following a burst of hiring in September

NEW YORK — 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. The Dow Jones Industrial Average was up 195 points, or 0.5%, and the Nasdaq composite was up 1.1%. Treasury yields jumped in the bond market after the government said employers added 254,000 more jobs to their payrolls last month than they cut.

The latest figures suggest that many companies are still confident enough to fill jobs despite the continued pressure of high interest rates. Few employers are laying off workers, though many have grown more cautious about hiring. Spirit Airlines shares plunged 32% after The Wall Street Journal reported the that the budget airline was exploring bankruptcy protection. Spirit shares have fallen to all-time lows just above $2 in the wake of its failed merger with JetBlue earlier this year. They are poised to open below $2 when markets open.

“We’re in discussion of that,” Biden said to reporters. He added: “I think that would be a little ... anyway,” without finishing the thought. Biden also said he doesn’t expect Israel to retaliate immediately against Iran. In Europe at midday, France's CAC 40 gained 0.4%, while Germany's DAX edged up 0.2% and Britain's FTSE 100 slipped 0.5%.

Japanese Prime Minister Shigeru Ishiba, who took office on Tuesday, gave a policy speech that promised salary increases for workers that exceed inflation, as well as an economic package that will give support for low-income households. He also said he will promote investment to create “a virtuous cycle of growth and distribution.”

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