Stocks Head for Best Week of Year on Soft Jobs Report - InvestingChannel

Stocks Head for Best Week of Year on Soft Jobs Report

Stocks rose Friday after a soft jobs report drove bond yields lower to cap the stock market’s best week in 2023.

The Dow Jones Industrials leaped 178.83 points to 34,022.75.

The S&P 500 index progressed 79.92 points, or 1.9%, to 4,317.78.

The NASDAQ surged 232.72 points, or 1.8%, to 13,294.19.

Equities are on pace for sizable weekly gains as investors grow hopeful that the Federal Reserve’s rate-hiking campaign is over. As of Thursday’s close, the Dow is up 5%. The S&P 500 is tracking for a 5.6% advance on the week, while the NASDAQ is up 5.8% — both are headed for their best week since November 2022.

The October jobs report on Friday came in weaker than expectations, showing the Fed’s attempt to cool the economy and stifle inflation could be working. The U.S. economy last month added 150,000 jobs, below the 170,000 payrolls increase consensus estimate from Dow Jones, and lower than September’s blowout of 297,000 jobs added. The unemployment rate rose to 3.9%, compared to expectations that it would hold steady at 3.8%.

Apple fell 1.5% after the iPhone maker issued a weak revenue outlook for the December quarter. Though the company beat on the top and bottom lines in its fiscal fourth quarter, overall sales declined for the fourth quarter in a row. Elsewhere, Block popped 16% on an earnings beat and a raise on full-year guidance, while Paramount Global jumped 4.5% on a strong quarterly report.

Prices for the 10-year Treasury popped, lowering yields to 4.52% from Thursday’s 4.67%. Treasury prices and yields move in opposite directions.

Oil prices fell back 10 cents to $82.36 U.S. a barrel.

Gold prices brightened $9.30 to $2,002.60.

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