Stock market today: Wall Street rises as reports raise hopes for perfect landing for the economy

abcnews.go.com:

Wall Street is drifting higher after reports showed the job market remains solid, but key parts of the economy still don’t look like they’re overheating

NEW YORK — Wall Street is drifting higher Friday after reports showed a strong job market is giving workers bigger raises, but key parts of the economy still don't look like they're overheating.

The S&P 500 was 0.5% higher in morning trading, though it's still on track for its first losing week in the last 10. The Dow Jones Industrial Average was up 92 points, or 0.2%, as of 10:20 a.m. Eastern time, and the Nasdaq composite was 0.5% higher.

Treasury yields swung sharply in the bond market following a set of reports on the economy. They initially climbed after the latest monthly jobs report showed U.S. employers unexpectedly accelerated their hiring last month. Average hourly pay for workers also rose, when economists had been forecasting a dip.

Such strong numbers are good news for workers, and they should keep the economy humming. That’s a positive for corporate profits, which are one of the main things that set prices for stocks.

But Wall Street’s worry is the strong data could also convince the Federal Reserve that upward pressure remains on inflation. That in turn could mean the Fed will hold interest rates high for longer than expected. That would be bad news for markets that have already rallied strongly on expectations the Fed will cut rates deeply this year. Interest rates affect the other big factor setting stock prices.

The jobs report briefly forced traders to push out their forecasts for when the Fed could begin to cut rates. But a report later in the morning showed that growth for finance, real estate and other companies in the U.S. services industries