Wall Street capped a volatile day of trading Friday with a broad rally that snapped the market’s three-day losing streak.
The S&P 500 rose 73.47 points to 3,841.94. The Dow Jones industrial average gained 572.16 points, or 1.9%, to 31,496.30. Earlier, it had been down 157 points. The Nasdaq composite climbed 196.68 points, or 1.6%, to 12,920.15. The tech-heavy index earlier flipped between a gain of 1.2% and a loss of 2.6%.Smaller-company stocks out-gained the broader market, as they have all year. The Russell 2000 index picked up 45.29 points, or 2.1%, to 2,192.21.
While the jobs report was encouraging, wage growth — an inflation bellwether — rose last month in line with expectations. That may have helped ease some bond investors’ inflation worries, at least for now.For about a year, the stock market kept climbing on expectations that an economic recovery was on the way, even when the COVID-19 pandemic meant conditions at the time seemed bleak.
It’s the speed at which Treasury yields have climbed that has gotten Wall Street so uncomfortable, more than the actual level, which is still low by historical standards.Higher bond yields put downward pressure on stocks generally, in part because they can steer away dollars that had been headed for the stock market. That makes investors less willing to pay as high prices for stocks.
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