Stock market today: Wall Street gains ground following surprisingly strong US jobs report
Stocks gained ground on Wall Street and Treasury yields rose following a hot U.S. jobs report
NEW YORK — Stocks rose on Wall Street Friday and Treasury yields climbed following a hot U.S. jobs report.
The S&P 500 rose 1.3%, trimming some of its losses for the week and moving closer to its record high. The Dow Jones Industrial Average gained 387 points, or 1% as of 12:10 p.m. Eastern. The Nasdaq composite rose 1.5%.
Technology companies led that march higher. Chipmaking giant Nvidia rose 2.8% and Google's parent company, Alphabet, rose 1.8%. The gains were broad, with ever sector in the benchmark S&P 500 rising, though the index is still on track for a weekly loss.
The gains follow a late-day slump on Thursday for major indexes after a Federal Reserve official unsettled investors by questioning whether the central bank needs to cut rates at all amid a strong economy. A series of reports recently have shown that the U.S. economy remains resilient despite elevated inflation levels and high interest rates.
U.S. employers added a surprisingly strong 303,000 workers to their payrolls in March, according to a government report on Friday. The strong job market has helped fuel consumer spending and earnings growth for businesses, amounting to strong economic growth overall. But it complicates prospects for the Fed's fight against inflation and hopes for lower borrowing costs.
Treasury yields climbed following the jobs report. The yield on the 10-year Treasury rose to 4.37% from 4.31% just before the report was released. The two-year yield, which moves more on expectations for the Fed, rose to 4.70% from 4.65% just prior to the report.
The Fed's benchmark interest rate remains at its highest level in two decades as a result of
Read more on abcnews.go.com
