US stocks saw a robust rally on Friday, led by the technology sector, as investors analyzed a jobs report indicating a broad increase in US hiring in September along with a slowdown in wage growth.
The S&P 500 and Nasdaq experienced their most significant daily percentage gains since late August, and the S&P 500 managed to end the week on a positive note, breaking a four-week losing streak.
The information technology sector saw the most significant gains among S&P 500 sectors, closely followed by communication services.
Initially, stocks dipped in response to the jobs data, which revealed the most substantial increase in US employment in eight months for September. However, they began to rebound later in the morning.
Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, noted, "You have an economy that's slowing, but not faltering, and you have a Federal Reserve on the sidelines." He also pointed out that the S&P 500 seemed to bounce back after nearing its 200-day moving average, currently around 4,208.
Market observers have been assessing whether the Fed might halt its interest rate hikes following a recent surge in long-term US Treasury yields. Benchmark 10-year US Treasury yields reached 16-year highs on Friday.
The day's data also revealed a moderation in wages, possibly due to the majority of jobs added last month being in lower-paying industries.
For the day, the Dow Jones Industrial Average rose by 288.01 points or 0.87% to reach 33,407.58, the S&P 500 gained 50.31 points or 1.18% to close at 4,308.5, and the Nasdaq Composite added 211.51 points or 1.6% to end at 13,431.34.
Over the week, the S&P 500 recorded a 0.5% increase, while the Dow declined by 0.3%, and the Nasdaq saw a 1.6% rise.
These recent gains followed significant losses in the stock market during September and the third quarter.
Investors are eagerly awaiting data on September consumer price inflation and producer price index readings due next week. Additionally, they are anticipating the upcoming quarterly earnings season, with major banks such as JPMorgan Chase (JPM.N) scheduled to report next week.
Exxon Mobil's shares experienced a 1.7% decrease after reports suggested that the US oil producer was in advanced talks to acquire Pioneer Natural Resources. Conversely, Pioneer's stock surged by 10.4%.
The volume of shares traded on US exchanges reached 10.58 billion, slightly lower than the 10.72 billion average for the full session over the last 20 trading days.
Advancing issues outpaced declining ones on the NYSE with a ratio of 1.96-to-1, while on Nasdaq, the ratio favored advancers at 1.73-to-1.
The S&P 500 recorded six new 52-week highs and 52 new lows, while the Nasdaq Composite marked 27 new highs and 260 new lows.
The S&P 500 and Nasdaq experienced their most significant daily percentage gains since late August, and the S&P 500 managed to end the week on a positive note, breaking a four-week losing streak.
The information technology sector saw the most significant gains among S&P 500 sectors, closely followed by communication services.
Initially, stocks dipped in response to the jobs data, which revealed the most substantial increase in US employment in eight months for September. However, they began to rebound later in the morning.
Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, noted, "You have an economy that's slowing, but not faltering, and you have a Federal Reserve on the sidelines." He also pointed out that the S&P 500 seemed to bounce back after nearing its 200-day moving average, currently around 4,208.
Market observers have been assessing whether the Fed might halt its interest rate hikes following a recent surge in long-term US Treasury yields. Benchmark 10-year US Treasury yields reached 16-year highs on Friday.
The day's data also revealed a moderation in wages, possibly due to the majority of jobs added last month being in lower-paying industries.
For the day, the Dow Jones Industrial Average rose by 288.01 points or 0.87% to reach 33,407.58, the S&P 500 gained 50.31 points or 1.18% to close at 4,308.5, and the Nasdaq Composite added 211.51 points or 1.6% to end at 13,431.34.
Over the week, the S&P 500 recorded a 0.5% increase, while the Dow declined by 0.3%, and the Nasdaq saw a 1.6% rise.
These recent gains followed significant losses in the stock market during September and the third quarter.
Investors are eagerly awaiting data on September consumer price inflation and producer price index readings due next week. Additionally, they are anticipating the upcoming quarterly earnings season, with major banks such as JPMorgan Chase (JPM.N) scheduled to report next week.
Exxon Mobil's shares experienced a 1.7% decrease after reports suggested that the US oil producer was in advanced talks to acquire Pioneer Natural Resources. Conversely, Pioneer's stock surged by 10.4%.
The volume of shares traded on US exchanges reached 10.58 billion, slightly lower than the 10.72 billion average for the full session over the last 20 trading days.
Advancing issues outpaced declining ones on the NYSE with a ratio of 1.96-to-1, while on Nasdaq, the ratio favored advancers at 1.73-to-1.
The S&P 500 recorded six new 52-week highs and 52 new lows, while the Nasdaq Composite marked 27 new highs and 260 new lows.
