CHD - Stocks Climb Back up Shaking off Yield Hikes
Stocks rose Friday as Treasury yields jumped following the release of stronger-than-expected U.S. jobs data.
The Dow Jones Industrials reversed directions and jumped sharply, 207.92 points, to stop for noon hour at 33,327.49.
The S&P 500 index regrouped 25.81 points to 4,284.
The NASDAQ index hiked 108.65 points to 13,328.48.
The U.S. economy added 336,000 jobs in September, the Labor Department said. Economists polled by Dow Jones expected 170,000 jobs. To be sure, wages rose less than expected last month.
Friday's jobs report raised concern among investors that the Federal Reserve will need to keep rates higher for longer to tame inflation.
The utilities sector, which is sensitive to high rates, fell 1.4% Friday. AES lost 5%, while Dominion Energy and Sempra shed 2% each. Consumer staples also declined 2.1%, with Church & Dwight, McCormick and Kellanova all down 3% and more.
All the major averages are headed toward a losing week. The S&P 500 is down 1.4% week to date. This marks the broad market index's fifth consecutive week of losses, which would be its longest weekly slide since May 2022. The Dow is down 1.7%, while the NASDAQ is 0.9% lower for the week.
Prices for the 10-year Treasury tailed off, raising yields to 4.76% from Thursday's 4.72%. Treasury prices and yields move in opposite directions.
Oil prices poked higher 13 cents to $82.44 U.S. a barrel.
Gold prices climbed $16.50 to $1,848.30.