US stocks rose Friday after data showed the US economy added more than 300,000 jobs last month.
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Dow Jones Industrial Average DJIA,
332 points, or 1.1% to 31,999.
S&P 500 SPX,
was 4,015, an increase of 45 points (1.2%).
NASDAQ Composite COMP,
He climbed 135 points (1.2%) to 11,922, ending his five-day losing streak.
The Dow and the S&P 500 were looking for back-to-back gains after ending a four-day losing streak on Thursday. All three major indices were on track toward weekly declines.
what drives the market
Stocks find support after August jobs report showed the US economy added 315,000 new jobs last month, in line with expectations of 318,000 jobs from a Wall Street Journal survey of economists I was.
The headline numbers were as expected, but the unemployment rate surprised economists by rising to 3.7% from 3.5% in July. Indeed, this increase is mainly due to the labor force participation rate he rose from 62.1% to 62.4%.
Analysts said the report was neither too hot nor too cold.
Larry Cordisco, co-lead portfolio manager at the Osterweis Growth and Income Fund, made a similar assessment in a phone interview with MarketWatch.
“It looks like a Goldilocks number. “We don’t see a significant slowdown or a sharp acceleration, which I think is positive for the stock today, coupled with overall market positioning.
“I don’t know if it holds, but that’s the first reaction,” he added.
The data solidified the perception that the Federal Reserve is likely to raise the Fed’s funding rate by 75 basis points for the third time in a row when policymakers meet later this month.
“Right now, a 75 basis point rate hike is almost certain,” said Ron Temple, head of U.S. equities at Lazard Asset Management.
Some say a repeat of July’s blockbuster report that showed more than 500,000 jobs were created in a month has put pressure on the Fed to be more aggressive with monetary policy. I was worried that I might run out.
look: Trading on the ‘Goldilocks’ jobs report can be risky as the S&P 500 encounters stiff technical resistance
Short-term yields fell more than long-term yields, but government bond yields remained low following the data. -Term Yield.
2 Year Treasury TMUBMUSD02Y,
The yield fell 9.4 basis points to 3.435%, while the 10-year yield TMUBMUSD10Y
It was down 4 basis points to 3.226%.
ICE USD Index DXY,
Despite the US dollar now trading north of 140 JPY USDJPY, it retreated 0.6% to 109.27 on the day.
to dollars for the first time since the late 1990s. The move in an index that measures the dollar’s strength against a basket of rival currencies was largely driven by his EURUSD’s 0.6% rise against the euro.
This put the shared currency back on par with its US rival.
SPDR S&P 500 Trust SPY,
SPDR Dow Jones Industrial Average Trust DIA,
Invesco QQQ ETF QQQ,
We are moving forward along the underlying index.
Small caps also rose in the Russell 2000 RUT.
Cryptocurrency prices also rose on Friday, bitcoin BTCUSD,
According to CoinDesk data and Ethereum ETHUSD increased 1.2% to $20,316,
Kraken data showed a 3.3% increase to $1,633.
In other news, orders for manufactured goods fell 1% in July, the Department of Commerce said on Friday, disrupting expectations of a 0.2% increase. The decline in orders marked the first decline after nine consecutive months of increases.
Shares fell 0.4% following the appointment of Laxman Narasimhan as CEO.
Broadcom Co., Ltd.
Shares rose 4.7% following the company’s latest earnings report.
Soaring oil prices helped prop up stocks of oil and gas companies APA Co., Ltd.Apa,
When Marathon Oil Co., Ltd.
West Texas Intermediate Crude Oil CLV22,
Futures for October delivery rose 1.8% at $88.12 in recent trading, following G7 plans to try to cap Russian oil prices. Energy stocks were the best performers of the S&P 500’s 11 sectors.
It was up 9.8% on strong earnings.