Stock market today
S&P 500: 4,697.53,+17.47(+0.37%)
Dow 30: 36,327.95,+203.72(+0.56%)
Russell 2000: 2,437.08,+34.65(+1.44%)
Stock market news
“Stocks soared on Friday, with major benchmarks rallying to fresh records as investors reacted favorably to October jobs report, which showed a better-than-expected pick-up in payroll growth and another improvement in the unemployment rate.
The blue-chip index set new intraday record in the wake of the data, extending Thursday’s gains and reaching a seventh consecutive record closing high. The S&P 500 also rose about 2% for the week to mark a fifth consecutive weekly gain — its longest winning streak since August 2020. The Nasdaq also jumped to a record the broad move higher in tech shares, and the Dow reached a record close as well.
Wall Street’s focus on Friday was on the Labor Department’s October jobs report, which showed that non-farm payrolls rose by 531,000 last month, compared to the 450,000 expected. Payrolls were also upwardly revised for both August and September.
The unemployment rate dipped to 4.6%, or the lowest since March 2020. And average hourly earnings rose at a 4.9% year-on-year pace, with wages pushed higher as companies competed for workers amid widespread labor scarcities.
The October report suggested negative impacts from the Delta variant wave in late summer were beginning to dissipate, especially given the jump in hiring in leisure and hospitality industries and other high-contact areas of the economy.
And importantly for investors, the labor market data helped vindicate the Federal Reserve’s latest decision to pare back on some of its monetary policy support as the economy makes more progress in its recovery.
The central bank opted earlier this week to announce the start of its asset-purchase tapering program, but declined to offer specifics for the dollar amount of further tapering next year or the timing of interest rate hikes. The Fed noted that those would depend on how the economic recovery unfolded. Still, in his post-FOMC meeting press conference on Wednesday, Powell also noted that there was “still ground to cover to reach maximum employment both in terms of employment and in terms of participation.”
Stock market data: Yahoo Finance