Post by Odysseus on Oct 6, 2023 20:31:57 GMT
The S&P 500 logged its biggest one-day gain on Friday to cap off a turbulent trading day, after the latest jobs report revealed a surge in hiring last month. The S&P 500 and Nasdaq Composite gained for the week, while the Dow fell. Still, all three major indexes are up for the year.
The US economy added 336,000 jobs last month, above economists' expectations of 170,000 jobs.
Stocks initially sold off on the news, but staged a midday rally as investors continued to parse the data.
"Markets are recovering from this morning’s swoon as investors choose to focus on the positive areas within the payroll report," José Torres, senior economist at Interactive Brokers, wrote in a Friday note. ...
The US economy added 336,000 jobs last month, above economists' expectations of 170,000 jobs.
Stocks initially sold off on the news, but staged a midday rally as investors continued to parse the data.
"Markets are recovering from this morning’s swoon as investors choose to focus on the positive areas within the payroll report," José Torres, senior economist at Interactive Brokers, wrote in a Friday note. ...