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Stocks finished higher Friday as investors shook off jitters after digesting a strong monthly jobs report, even as uncertainty lingers over the Federal Reserve’s path to interest rate cuts.
The Dow Jones Industrial Average (^DJI) put on about 0.8%, or 300 points, while the S&P 500 (^GSPC) added 1.1% on the heels of its worst single-day fall since February. The tech-heavy Nasdaq Composite (^IXIC) gained 1.2%.
Still, this week saw weekly losses for all three major indexes as Wall Street interpreted commentary from central bank officials that appeared to sap some confidence.
As Yahoo Finance’s Josh Schafer reported, the US labor market continued to impress in March. Employers added 303,000 jobs, much more than economists expected, while the unemployment rate ticked back down to 3.8%. Wage growth also met expectations.
The win comes after the major gauges retreated during the earlier session as oil prices hit their highest levels in six months, spurring worries about a boost to inflation, and a panoply of Federal Reserve speakers rattled faith in an interest-rate cut coming any time soon.
Nerves in the market are running high, going by this week’s bumpy action in stocks. Investors are juggling economic releases and corporate news alongside growing tensions in the Middle East.
Oil prices held near multimonth highs on Friday, building on the big gains notched amid escalating Israel-Iran tensions. Brent crude futures (BZ=F), the international benchmark, hovered just below $91 a barrel, while West Texas Intermediate futures (CL=F) changed hands at just under $87.
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