Wall Street ends mixed after the jobs report: Nasdaq rebounds, Dow falls and the week ends in the red

Wall Street closed mixed on Friday after a much stronger-than-expected jobs report: the Nasdaq rose 1.1% to 24,579.42, and the S&P 500 gained 0.3% to about 7,377, while the Dow Jones fell 0.5% to 51,285.73.

The session offered a partial breather after Thursday’s plunge, one of the worst of the year, when the Dow tumbled 1,833 points, the S&P 500 lost 4.4% and the Nasdaq fell 5.5%, entering correction territory, more than 10% below its recent high. On Friday, chip stocks led the recovery: Nvidia climbed 4.1%.

The October jobs report, released by the Bureau of Labor Statistics, showed the economy added 165,000 jobs, nearly triple the roughly 65,000 economists had expected, while unemployment fell to 4.1%. Average hourly earnings rose 0.4% on the month and 3.1% from a year earlier, and the August and September figures were revised up by a combined 84,000 jobs.

The strength of the labour market, however, pushed the 10-year Treasury yield to about 4.87% and strengthened bets on a Federal Reserve rate hike in December: traders put the odds at more than 76%, according to CME’s FedWatch tool.

For the week, the worst since June, the S&P 500 fell 2.7%, the Nasdaq 3.4% and the Dow 0.9%. The market went from celebrating the Democrats’ midterm victory, with the Dow rising more than 1,500 points on Wednesday, to suffering on Thursday one of the largest sell-offs in artificial-intelligence stocks of the year.

Photo: JBizNews

Source: JBizNews