Stock market today: Wall Street gains ground following surprisingly strong US jobs report

NEW YORK — Stocks ended solidly higher and bond yields rose Friday as Wall Street welcomed a surprisingly strong U.S. jobs report .

Friday's gains followed a late-day slump in stocks on Thursday after a Fed official unsettled investors by questioning whether the central bank needs to cut rates at all this year amid a strong economy. “As long as the market gets one or two cuts and the Fed doesn't leave rates unchanged, that's good enough for equity investors,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.The Fed's benchmark interest rate remains at its highest level in two decades as a result of historic rate hikes meant to tame inflation. The strategy has seemingly worked so far, with overall consumer prices falling drastically from a peak in 2022.

Wall Street has a slightly better than even bet that the Fed will trim rates at its June meeting, according to CME's FedWatch Tool. That's down from 65.9% on Thursday and 72% a month ago. Johnson & Johnson slipped 0.1% after the pharmaceutical giant said it was buying the medical technology company Shockwave in a deal worth about $13 billion.more than 600 workers in California, marking its first big wave of post-pandemic job cuts amid a broader wave of tech industry consolidation. Companies in the tech sector have been slashing their workforces for two years, but the actions have had little impact on the broader employment market.

Jobs Report Consumer Spending Federal Reserve Stock Market Interest Rates Bond Market

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Stock futures pop as Wall Street looks to continue record-setting runA bullish mood is prevailing on Wall Street.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Wall Street pulls back from its record after a shaky dayNEW YORK (AP) — Wall Street pulled back from its record heights following a shaky day of trading, putting at least a temporary halt to its huge rally since Halloween. The S&P 500 slipped 0.7% Friday from its all-time high.
Source: SooToday - 🏆 8. / 85 Read more »

Stock bubble fears are overblown despite Magnificent 7's rally: Wall Street analystsTop Wall Street strategists warn market bubble fears might be overblown.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Wall Street drifts near its records amid a worldwide market lullNEW YORK (AP) — Stocks are drifting around their records on Wall Street, as a lull carries through financial markets worldwide. The S&P 500 was little changed in early trading Wednesday, a day after setting an all-time high.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street drifts to a mixed close, holding near record levelsNEW YORK (AP) — Stocks drifted to a mixed close on Wall Street as a lull carried through financial markets worldwide. The S&P 500 edged down 0.2% Wednesday, a day after setting an all-time high. The Dow Jones Industrial Average rose 0.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Stocks retreat as Wall Street weighs hot inflation's impact on FedInvestors are weighing whether two big hot inflation prints will prompt a Fed rethink on rate cuts as its March policy meeting looms.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »