The jobs report was a key focus area for markets after hawkish comments from Fed Chair Jerome Powell.
The Dow Jones Industrial Average was up 454 points, or 1.4%, at 32,456, the S&P 500 was up 1.4% and the Nasdaq was up 1.1%.unemployment rate to 3.7% last month from 3.5%
It also showed average hourly earnings rose 0.4% in October against a forecast of 0.3%, while nonfarm payrolls increased by 261,000 jobs against expectations of 200,000 after rising 263,000 in September.The report was a key focus area for markets after hawkish comments from Fed Chair Jerome Powell on Wednesday spurred fears that the central bank could keep raising borrowing costs for longer than previously expected.
The reading comes on the heels of a conflicting set of data which, while pointing to a slowdown in certain pockets of the economy, has also highlighted resilience in labor demand in the United States despite the Fed’s aggressive policy moves to control inflation.
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