U.S. stocks inch mostly higher after crucial monthly jobs report
Investing.com — U.S. stocks inched broadly higher on Friday after a widely-anticipated labor market report showed that the American economy added more jobs than expected last month, although January's blockbuster number was revised sharply lower.
By 09:40 ET (14:40 GMT), the S&P 500 had added 10 points or 0.2%, NASDAQ Composite had climbed 55 points or 0.3%, and Dow Jones Industrial Average was just just 3 points.
Nonfarm payrolls rose by 275,000 in February, increasing from a downwardly revised total of 229,000 in January, according to data from the Labor Department's Bureau of Labor Statistics. Economists had called for a reading of 198,000.
When factoring in January's updated total, the combined employment number for both December and January was 167,000 fewer than previously reported, the BLS said.
In February, job gains were widespread across a variety of sectors, including health care, government, food services and transportation, while employment in other major industries like manufacturing and professional services was little changed.
The report helped to underscore market hopes that the Federal Reserve could successfully quell inflation without sparking an economic meltdown — a scenario known as a «soft landing.»
The quarterly earnings season is gradually drawing to a close, but there are still a number of major companies in the spotlight.
Costco (NASDAQ:COST) stock fell almost 5% after the big-box retailer reported second-quarter revenue that missed expectations as demand for higher-priced items was dented by a more cost-conscious consumer.
Broadcom (NASDAQ:AVGO) stock fell just under 2% as investors noted that the semiconductor group did not raise its full-year guidance target despite posting
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