POU:CC - Equities Rally as Investors Bet Inflation is Slowing
U.S. stocks rallied Friday after the December jobs report and an economic activity survey showed signs that inflation may be cooling as the Federal Reserve raises interest rate hikes.
The Dow Jones Industrials rumbled higher 699.81 points, or 2.1%, to close Friday at 33,629.89, a gain of 1.5% on the week.
The S&P 500 jumped 86.93 points, or 2.3%, at 3,896.08, picking up 1.45% in the first week of the calendar year.
The NASDAQ Composite Index piled on 264.05 points, or 2.6%, to 10,569.29, moving ahead nearly a full percentage point on the week.
The December non-farm payrolls report showed that the U.S. economy added 223,000 jobs last month, slightly higher than the expected 200,000 jobs economists polled by the Dow Jones expected. In addition, wages grew slower than anticipated, increasing 0.3% on the month where economists expected 0.4%.
Prices for the 10-year Treasury climbed sharply, lowering yields to 3.56% from Thursday's 3.73%. Treasury prices and yields move in opposite directions.
Oil prices dropped one cent to $73.66 U.S. a barrel.
Gold prices roared higher $31.20 to $1,871.80 U.S. an ounce.