Robust jobs report hinted a potential easing of wage pressures and enhances the prospects of a gentle landing for the U.S. economy. This development potentially delaying anticipated interest rate cuts from the Federal Reserve this year.
At closing bell, the Dow Jones Industrial Average index rebounded 307.06 points, or 0.8%, to 38,904.04, snapping four straight session of losses. The S&P500 index added 57.13 points, or 1.11%, to 5,204.34. The tech-heavy Nasdaq Composite index increased by 199.44 points, or 1.24%, to 16,248.52. For the week, the Dow plunged by 2.3%, while the S&P 500 slumped by 1% and the Nasdaq slid by 0.8%.
All 11 major S&P 500 sectors closed higher, with communication services sector outperformed, rising 1.61%, followed by industrials (up 1.43%) and information technology (up 1.38%) sectors.
The Wall Street suffered steep selloff pressure late afternoon amid continued surge in crude oil price which raised concerns that higher energy prices will keep inflation elevated and convince the Federal Reserve to hold off on lowering interest rates.
ECONOMIC NEWS: The Labor Department released non-farm payroll employment report on Friday showing it spiked by 303,000 jobs in March after surging by a downwardly revised 270,000 jobs in February. The report also said the unemployment rate edged down to 3.8% in March from 3.9% in February. The Labor Department said the annual rate of wage growth slowed to 4.1% in March from 4.3% in February.
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