The Dow rose 300 points on Friday after a solid August jobs report, paring losses for the week

Stocks rose on Friday, paring losses for the week August Job Report Came as expected. The data eased fears that a warmer labor market would give the Federal Reserve room to be more aggressive with its rate hikes.

The Dow Jones industrial average rose 335 points, or 1.1%. The S&P 500 advanced 1.2% Climb back up 4,000 level, then It gets wet under it Earlier this week for the first time since July. The Nasdaq Composite rose 1.3%, snapping a five-day losing streak.

However, the major averages are still set to end the week lower, reaching a third negative week in a row after slumping in the last days of August. The Dow pared its week-to-date decline to less than 1%. The S&P and Nasdaq are on track to close the week 1% and 1.8% lower, respectively.

The moves come a week after Fed Chair Jerome Powell’s inflation-fighting comments in Jackson Hole started a market selloff. Investors took comfort from Friday’s much-anticipated jobs report, which showed the economy It added 315,000 jobs per month, slightly less The Dow Jones estimate is 318,000. Steve Sosnick, chief strategist at Interactive Brokers, called it the “Goldilocks” report.

“Not too hot [basis points] Off the table,” he said. “A number within expectations doesn’t change anything. What we are seeing now is a relief rally.

The unemployment rate rose to 3.7%, two-tenths of a percentage point above expectations. The August report is particularly important because it is one of the last major economic reports the central bank will weigh before raising rates at its September meeting. This data point will help the Fed decide on a 75-basis-point hike.

See also  Biden: G-7 to ban Russian gold imports to put pressure on Putin over Ukraine

The last major economic report for reference was the August CPI on September 13 and More likely to determine that How aggressive should the feds be?

Dovish comments from Federal Reserve officials have dragged down stocks throughout the week, signaling interest rate hikes aren’t slowing down anytime soon. Now, traders look to see if stocks are available June will retest the minimumEspecially since September is historically a bad month for the market.

Shares of retailer Lululemon rose nearly 10% Reports quarterly results that beat Wall Street’s expectations.

—CNBC’s Buddy Dome contributed reporting.

Leave a Reply

Your email address will not be published.