Dow jumps 200 points after strong jobs report, Senate passes debt ceiling bill: Live updates
The major averages were higher for the week. The S&P 500 and Nasdaq were 1.4% and 2% higher, respectively. The Dow's Friday advance pushed it into positive territory, last up 1% week to date. The Nasdaq is on pace to end its sixth straight week higher, a streak length not seen for the technology-heavy index since 2020., rising 339,000 despite economists polled by Dow Jones expecting a relatively modest 190,000 increase. It marked the 29th straight month of positive job growth.
Recent strong jobs report have pressured stocks on the notion that the resilient labor market will keep the Federal Reserve in hiking mode. But the stock market seemed to like Friday's numbers, perhaps concentrating on a wage increase that showed lighter-than-expected inflation and an unemployment rate that ticked higher.
Average hourly earnings increased by 4.3% year-over-year, compared to a 4.4% estimate from Dow Jones. The unemployment rate climbed back to 3.7% from 3.4%. "We knew people would burn through Covid related savings and eventually return to the work force. The effect is naturally a higher unemployment rate and increased supply of labor also slows wage growth," said Bryce Doty, senior portfolio manager at Sit Fixed Income Advisors. "Today's job data is a welcome sign that the labor force is finally beginning to normalize."
Easing concerns around the U.S. debt ceiling also helped sentiment. The Senate passed a bill to raise the debt ceiling late Thursday night, sending the bill to President Joe Biden's desk. That comes after the House
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