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Stock Market Today: Dow rides blowout jobs report to close at fresh record high

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Stock Market Today: Dow rides blowout jobs report to close at fresh record high

Investing.com -- The Dow closed at fresh record highs on Friday as a stronger-than-expected jobs report underscored the strength in the U.S. economy, blunting worries about a potential recession.Strong nonfarm payrolls eases recession concerns, but hopes fall for big November rate cutrising by 254,000 jobs last month, increasing from an upwardly-revised mark of 159,000 in August. Economists had anticipated a reading of 147,000.

"With broad reacceleration, we continue to expect 25bp rate cuts at the November and December FOMC meetings," Morgan Stanley said in a Friday note. Elsewhere, the strike by US dockworkers looks set to end after their union and the group representing large ocean shipping firms reached an agreement, which is expected to result in a wage hike of roughly 62% over six years.) jumped more than 33% after Bloomberg reported that Tencent and the latter's founding family Guillemot are mulling a potential offer for the fresh video game maker.

 

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