Stocks ended solidly higher and bond yields rose Friday as Wall Street welcomed a surprisingly strong U.S. jobs report. The Standard & Poor's 500 rose 1.1%, making up most of the loss from the previous day and moving closer to its record high set last week. The benchmark index still posted its first weekly loss in three weeks. The Dow Jones industrial average added 0.8%, and the Nasdaq composite gained 1.2%. Technology companies accounted for a big share of the rally.
“As long as the market gets one or two cuts and the Fed doesn't leave rates unchanged, that's good enough for equity investors,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. The Fed's benchmark interest rate remains at its highest level in two decades as a result of historic rate increases meant to tame inflation. The strategy has seemingly worked so far, with overall consumer prices falling drastically from a peak in 2022.
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