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Bad news about the labor market was good news for stocks Friday. All three major U.S. indexes climbed, helping them to their best weeks of the year. Read the day’s full markets roundup here.
One reason: The latest jobs report showed hiring slowed. The U.S. added 150,000 jobs in October, below economists’ projections, while the unemployment rate was slightly higher than expected.
That’s a sign that the economy is cooling. For investors, that suggests the Fed might stop raising interest rates. Bond yields tumbled after the report.
Apple, the stock market’s most-valuable company, disappointed investors with an anemic growth outlook after the bell yesterday. Its shares fell.
The broad S&P 500 rose nearly 6% this week. The Dow had its best week since October 2022. Government bonds rallied, sending yields lower.
Stocks rose. The S&P 500, Dow industrials and Nasdaq Composite all moved higher. The Nasdaq was up more than 1%. The Dow added 222 points.
Treasury yields fell. The yield on the benchmark 10-year note ended the week at 4.557%, its lowest settle since September.
Shares of Block, the fintech company, were among the day’s big gainers. The company lifted its outlook and posted a narrower-than-expected quarterly loss.
Bitcoin fell. FTX founder Sam Bankman-Fried was convicted of fraud Thursday and crypto exchange Coinbase Global reported a seventh quarter of losses.
Oil prices declined. Front-month Brent crude settled lower Friday, finishing the week at just below $85 a barrel.
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