Matthew Fox
Xinhua/Wang Ying/ Getty Images US stocks surged on Friday after a solid jobs report showed nonfarm payrolls jumping 261,000 in October.The unemployment rate rose to 3.7%, but the jobs report was likely not weak enough to change the Fed’s interest rate hike plans.Stocks were also higher after speculation grew that China would emerge from recent COVID-19 lockdowns. Loading Something is loading.
Thanks for signing up!
Access your favorite topics in a personalized feed while you’re on the go.
US stocks surged on Friday following the release of the October jobs report, in which nonfarm payrolls increased by 261,000 and the unemployment rate rose to 3.7%.
Economists had estimated job gains of just 193,000 in the month, underscoring just how resilient the labor market continues to be even as the Fed moves forward with aggressive interest rate hikes.
“The October Jobs Report likely wasn’t what the Fed wanted to see. While the news is good for consumers — the labor market remains strong, and wages are increasing — these numbers don’t suggest inflation is likely to slow at the rate the Fed is looking for,” Orion Advisor Solutions CIO Rusty Vanneman told Insider.
Separately, growing speculation that China is on the verge of emerging from COVID-19-induced economic lockdowns helped drive stock prices, particularly Chinese stocks, higher.
Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Friday:
S&P 500: 3,761.61, up 1.12%Dow Jones Industrial Average: 32,342.12, up 1.07% (340.87 points)Nasdaq Composite: 10,443.24, up 0.97%Here’s what else is happening this morning:
Alibaba and other US-listed Chinese stocks pushed sharply higher Friday following separate reports that fueled further speculation that China is taking steps toward reopening its COVID-hit economy.US oil exports to Asia will hit record highs this month as the discount between American and other crude benchmarks widens, according to Kpler data cited by Reuters.More than 30 tankers carrying liquefied natural gas are idling off Europe’s coast as traders hold out for higher market prices, the Financial Times reported. The Federal Reserve’s latest jumbo interest rate hike will hobble the US housing market even further, Freddie Mac’s chief economist has warned, even as mortgage rates fell back from their highest level in 20 years. In commodities, bonds and crypto:
West Texas Intermediate crude oil rose 4.67% to $92.29 per barrel. Brent crude, oil’s international benchmark, jumped 4.06% to $98.51.Gold rose 2.35% to $1,669.20 per ounce.The yield on the 10-year Treasury was flat at 4.15%.Bitcoin rose 2.76% to $20,880, while ether jumped 4.73% to $1,622. Read next
MI Exclusive stock market news Stock market news today More…