XOM - Stocks Rebound After Booming Jobs Data Treasury Yields Near 5% S&P 500 Set To Snap 4 Weeks Of Declines: What's Driving Markets Friday? | Benzinga
Wall Street staged a robust rebound Friday, driven by a significantly stronger-than-expected labor market report that reignited investor confidence in the strength of the U.S. economy.
Non-farm payrolls rose by 336,000 last month, far outpacing estimates of 170,000, and rising from an upwardly revised 227,000 in August. The outcome marked the strongest payrolls increase since January 2023.
Immediate market reactions saw 30-year Treasury yields breaking above 5% before retracing back to 4.92% by midday trading in New York.
All equity indices sharply rallied substantially despite economists warning the strong job report may keep the Fed on a tightening mode.
Cues From Friday’s Trading:
The S&P 500 surged by 1%, potentially bringing an end to its four-week losing streak.
The Nasdaq 100 exhibited even stronger performance, rallying by 1.3%, resulting in a weekly gain of the same magnitude.
The Dow, while showing relative underperformance, managed to gain 0.7% on the day. The index is still down by 0.5% for the week.
The Russell 2000 inched 0.8% higher but remained more than 2% lower for the week.
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