Indexes end up sharply with tech after strong jobs, slower wage growth By Reuters

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<span>© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. REUTERS/Brendan McDermid/File Photo</span><br />
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<p>By Caroline Valetkevitch</p>
<p>NEW YORK (Reuters) – U.S. stocks rallied on Friday, led by technology shares to a sharply higher close as investors assessed a jobs report that showed U.S. hiring rose broadly in September with slowing wage growth.</p>
<p>The and Nasdaq registered their biggest daily percentage gains since late August, and the S&amp;P 500 rose for the week, snapping a four-week losing streak.</p>
<p>Information technology was up the most of any S&amp;P 500 sector, followed by communication services. </p>
<p>Stocks initially fell after the jobs data, which showed U.S. employment increased by the most in eight months in September, but began to rebound by late morning.</p>
<p>“You have an economy that’s slowing, but not faltering, and you have a Federal Reserve on the sidelines,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.</p>
<p>He said also that the S&amp;P 500 appeared to bounce after nearing its 200-day moving average, currently at around 4,208. </p>
<p>Market watchers have been weighing whether the Fed may be done hiking interest rates after a recent surge in long-term U.S. Treasury yields. Benchmark 10-year U.S. Treasury yields hit 16-year highs on Friday.</p>
<p>The day’s data also showed a moderation in wages, which may have been because most of the jobs added last month were in lower-paying industries.</p>
<p>The rose 288.01 points, or 0.87%, to 33,407.58, the S&amp;P 500 gained 50.31 points, or 1.18%, to 4,308.5 and the added 211.51 points, or 1.6%, to 13,431.34.</p>
<p>For the week, the S&amp;P 500 was up 0.5%, the Dow fell 0.3% and the Nasdaq rose 1.6%. </p>
<p>The recent gains follow sharp losses for stocks for September and for the third quarter. </p>
<p>Investors await data on September consumer price inflation and producer price index readings, due next week.</p>
<p>Investors also are keen for the upcoming quarterly earnings season, with major banks including JPMorgan Chase (NYSE:) due to report next week. </p>
<p>Shares of <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Exxon Mobil </span></span> (NYSE:) were down 1.7% after sources told Reuters that the U.S. oil producer was in advanced talks to acquire <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Pioneer Natural Resources </span></span> (NYSE:). Pioneer’s stock jumped 10.4%.</p>
<p>Volume on U.S. exchanges was 10.58 billion shares, compared with the 10.72 billion average for the full session over the last 20 trading days. </p>
<p>Advancing issues outnumbered declining ones on the NYSE by a 1.96-to-1 ratio; on Nasdaq, a 1.73-to-1 ratio favored advancers.</p>
<p>The S&amp;P 500 posted six new 52-week highs and 52 new lows; the Nasdaq Composite recorded 27 new highs and 260 new lows. </p>
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<br /><a href="https://www.investing.com/news/economy/futures-muted-as-investors-await-key-jobs-data-3192220">Source link </a></p><p>The post <a href="https://forextraderhub.com/indexes-end-up-sharply-with-tech-after-strong-jobs-slower-wage-growth-by-reuters.html">Indexes end up sharply with tech after strong jobs, slower wage growth By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>