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U.S. stocks ended sharply higher on Friday, with the Dow closing at a record high as a stronger-than-expected jobs report erased worries of a slowing economy. All three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) jumped 0.8% or 341.16 points, to end at 42,352.75 points, registering its 34th record close of the year.
The S&P 500 gained 0.9% or 51.13 points, to close at 5,751.07 points. Consumer discretionary, communication services, financial and tech stocks were the biggest gainers.
The Technology Select Sector SPDR (XLK) rose 1.1%. The Consumer Discretionary Select Sector SPDR (XLY) advanced 1.3%, while the Communication Services Select Sector SPDR (XLC) rose 1.1%. The Financials Select Sector SPDR (XLF) added 1.7%. Ten of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq rose 1.2% or 219.37 points to finish at 18,137.85 points.
The fear-gauge CBOE Volatility Index (VIX) was down 6.25% to 19.21. Advancers outnumbered decliners on the NYSE by a 1.72-to-1 ratio. On the Nasdaq, a 2.20-to-1 ratio favored advancing issues. A total of 10.91 billion shares were traded on Friday, lower than the last 20-session average of 12.03 billion.
Bullish Sentiment Returns After Jobs Report
Wall Street rallied on Friday after a solid September jobs report helped ebb fears of a weakening economy. Investors have been worrying that the economy may be slowing but the fresh jobs report hints at a resilient labor market.
The Bureau of Labor Statistics reported on Friday that nonfarm payrolls grew a solid 254,000 in September, easily beating the consensus estimate of a rain of 150,000. The unemployment rate also fell to 4.1% against expectations of it to hold steady at 4.2%.
Friday’s rally follows a few sessions of volatile trading. Mounting geopolitical tensions owing to the conflict in the Middle East raised fears in the minds of investors. However, the fears subsided on Friday as investors shifted focus to the jobs report.
Weekly Roundup
Friday’s gains erased the losses suffered earlier in the week. The Dow ended the week up 0.09%, while the S&P 500 closed 0.22%. The Nasdaq finished the week 0.1% higher.
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Stock Market News for Oct 7, 2024
U.S. stocks ended sharply higher on Friday, with the Dow closing at a record high as a stronger-than-expected jobs report erased worries of a slowing economy. All three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) jumped 0.8% or 341.16 points, to end at 42,352.75 points, registering its 34th record close of the year.
The S&P 500 gained 0.9% or 51.13 points, to close at 5,751.07 points. Consumer discretionary, communication services, financial and tech stocks were the biggest gainers.
The Technology Select Sector SPDR (XLK) rose 1.1%. The Consumer Discretionary Select Sector SPDR (XLY) advanced 1.3%, while the Communication Services Select Sector SPDR (XLC) rose 1.1%. The Financials Select Sector SPDR (XLF) added 1.7%. Ten of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq rose 1.2% or 219.37 points to finish at 18,137.85 points.
The fear-gauge CBOE Volatility Index (VIX) was down 6.25% to 19.21. Advancers outnumbered decliners on the NYSE by a 1.72-to-1 ratio. On the Nasdaq, a 2.20-to-1 ratio favored advancing issues. A total of 10.91 billion shares were traded on Friday, lower than the last 20-session average of 12.03 billion.
Bullish Sentiment Returns After Jobs Report
Wall Street rallied on Friday after a solid September jobs report helped ebb fears of a weakening economy. Investors have been worrying that the economy may be slowing but the fresh jobs report hints at a resilient labor market.
The Bureau of Labor Statistics reported on Friday that nonfarm payrolls grew a solid 254,000 in September, easily beating the consensus estimate of a rain of 150,000. The unemployment rate also fell to 4.1% against expectations of it to hold steady at 4.2%.
Stocks rallied after the release of the report, led by tech megacaps. Shares of Tesla, Inc. ((TSLA - Free Report) ) jumped 3.9%, while Netflix, Inc. ((NFLX - Free Report) ) gained 1.8%. Tesla carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Friday’s rally follows a few sessions of volatile trading. Mounting geopolitical tensions owing to the conflict in the Middle East raised fears in the minds of investors. However, the fears subsided on Friday as investors shifted focus to the jobs report.
Weekly Roundup
Friday’s gains erased the losses suffered earlier in the week. The Dow ended the week up 0.09%, while the S&P 500 closed 0.22%. The Nasdaq finished the week 0.1% higher.