Stock market today: Wall Street gains ground following surprisingly strong US jobs report

NEW YORK — Stocks posted solid gains on Wall Street as a strong report on employment showed the U.S. economy continues to chug along. The S&P 500 rose 1.1% Friday. The Dow Jones Industrial Average rose 307 points and the Nasdaq composite rose 1.2%. U.S. employers added a surprisingly strong number of jobs in March, while modest gains in wages eased some fears of a renewed spike in inflation. Wall Street is still betting the Federal Reserve will start cutting interest rates in June.

U.S. employers added a surprisingly strong 303,000 workers to their payrolls in March, according to a government report on Friday. The strong job market has helped fuel consumer spending and earnings growth for businesses, amounting to strong economic growth overall. Treasury yields climbed following the jobs report. The yield on the 10-year Treasury rose to 4.37% from 4.31% just before the report was released. The two-year yield, which moves more on expectations for the Fed, rose to 4.73% from 4.65% just prior to the report.

The Fed's benchmark interest rate remains at its highest level in two decades as a result of historic rate hikes meant to tame inflation. The strategy has seemingly worked so far, with overall consumer prices falling drastically from a peak in 2022. Inflation fell to a rate of 3.2% in February. It was as a high as 9.1% in the middle of 2022.

Wall Street has a slightly better than even bet that the Fed will trim rates at its June meeting, according to CME's FedWatch Tool. That's down from 65.9% on Thursday and 72% a month ago.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Stock futures pop as Wall Street looks to continue record-setting runA bullish mood is prevailing on Wall Street.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Wall Street is off to a mixed start after 4 straight gainsNEW YORK (AP) — Stocks are off to a mixed start on Wall Street following four straight gains. The S&P 500 was up less than 0.1% in the first few minutes of trading Friday.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street gains ground following surprisingly strong US jobs reportNEW YORK — Stocks ended solidly higher and bond yields rose Friday as Wall Street welcomed a surprisingly strong U.S. jobs report. The S&P 500 rose 1.1...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

GE stock split, Wall Street searches for gains: Yahoo Finance LiveGeneral Electric (GE) is finalizing its split into three separate public companies today. The energy business, GE Vernova (GEV), begins trading on the NYSE...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Wall Street opens higher, edging back toward recordsNEW YORK (AP) — Stocks are opening higher on Wall Street. The S&P 500 rose 0.3% early Tuesday, coming off a listless performance where it edged a bit further from its all-time high set last week.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Asian shares trading mixed after Wall Street’s momentum coolsTOKYO (AP) — Asian shares were mixed in muted trading Tuesday, as buying in some markets was soon erased by profit-taking. Japan's benchmark Nikkei 225...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »