Stock Market Today: Dow in biggest weekly gain of 2023 as monthly job gains slow
Investing.com — The Dow closed higher Friday, wrapping up the week with its biggest weekly gain this year as a weaker-than-expected jobs report stoked hopes that Federal Reserve rate hikes are now in the rearview mirror, pushing Treasury yields sharply lower.
At 4:00pm ET (20:00 GMT), the Dow Jones Industrial Average was up 222 points or 0.7%, while the S&P 500 was up 0.9% and the NASDAQ Composite was up 1.4%.
The blue chip Dow ended up 5.1% for the week, notching its best week since October 2022. The broad-based S&P is up 5.9% this week and the tech-heavy Nasdaq 6.6%.
The economy added 150,000 jobs in October, less than the 180,000 expected and down from 336,000 in September. The unemployment rate ticked higher to 3.9% from 3.8%, while average hourly earnings rose 0.2%, below expectations.
The fewer-than-expected jobs created in October and easing wage pressures stoked investor expectations the the Fed is unlikely to deliver another rate hike this year.
«Given Powell's dovish tone at the FOMC meeting this past week and the softness of this data, it is hard to see how the Fed might hike again in December. It is very likely that we already saw the final hike for this cycle in July,» Jefferies said in a note.
Treasury yields slumped, with the yield on the on the 2-year Treasury note falling 14 basis points to 4.837%, while the 10-year Treasury yield slipped 11 basis points to 4.559%.
Apple Inc (NASDAQ:AAPL) cut the bulk of losses to end the day 0.5% lower after the tech giant forecast weaker-than-expected sales for the current key holiday quarter, blaming weak demand for iPads and wearables, especially in the key market of China.
The California company flagged that revenue in its December quarter — typically one of its
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