On Friday, US stocks surged, with technology shares leading the way to a significant uptick in the market. Investors were analyzing a jobs report that indicated a broad increase in US hiring in September, along with slower wage growth.
The S&P 500 and Nasdaq experienced their most substantial daily percentage gains since late August, with the S&P 500 ending the week on a positive note, breaking a four-week losing streak.
The information technology sector saw the most significant gains among the S&P 500 sectors, followed by communication services.
Initially, stocks saw a dip in response to the jobs data, which revealed the most substantial increase in US employment in eight months for September. However, they began to rebound later in the morning.
Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, commented, "You have an economy that's slowing, but not faltering, and you have a Federal Reserve on the sidelines." He also noted that the S&P 500 appeared to bounce back after nearing its 200-day moving average, currently at around 4,208.
Market observers have been contemplating whether the Fed might halt interest rate hikes following a recent surge in long-term US Treasury yields, which reached 16-year highs on Friday.
The data for the day also indicated a moderation in wages, possibly because most of the jobs added last month were in lower-paying industries.
For the day, the Dow Jones Industrial Average increased by 288.01 points, or 0.87%, closing at 33,407.58, the S&P 500 gained 50.31 points, or 1.18%, reaching 4,308.5, and the Nasdaq Composite added 211.51 points, or 1.6%, closing at 13,431.34.
For the week, the S&P 500 recorded a 0.5% increase, while the Dow fell 0.3%, and the Nasdaq rose by 1.6%.
These recent gains follow significant losses in the stock market during September and for the entire third quarter.
Investors are now awaiting data on September consumer price inflation and producer price index readings, which are due next week. Additionally, they are eagerly anticipating the upcoming quarterly earnings season, with major banks like JPMorgan Chase (JPM.N) set to report next week.
Shares of Exxon Mobil were down 1.7% after reports suggested that the US oil producer was in advanced talks to acquire Pioneer Natural Resources, which, in turn, saw its stock surge by 10.4%.
Trading volume on US exchanges reached 10.58 billion shares, slightly below the 10.72 billion average over the last 20 trading days. Advancing issues surpassed declining ones on the NYSE by a ratio of 1.96-to-1, while on Nasdaq, advancers outnumbered decliners with a ratio of 1.73-to-1.
During the trading session, the S&P 500 marked six new 52-week highs and 52 new lows, while the Nasdaq Composite recorded 27 new highs and 260 new lows.
The S&P 500 and Nasdaq experienced their most substantial daily percentage gains since late August, with the S&P 500 ending the week on a positive note, breaking a four-week losing streak.
The information technology sector saw the most significant gains among the S&P 500 sectors, followed by communication services.
Initially, stocks saw a dip in response to the jobs data, which revealed the most substantial increase in US employment in eight months for September. However, they began to rebound later in the morning.
Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, commented, "You have an economy that's slowing, but not faltering, and you have a Federal Reserve on the sidelines." He also noted that the S&P 500 appeared to bounce back after nearing its 200-day moving average, currently at around 4,208.
Market observers have been contemplating whether the Fed might halt interest rate hikes following a recent surge in long-term US Treasury yields, which reached 16-year highs on Friday.
The data for the day also indicated a moderation in wages, possibly because most of the jobs added last month were in lower-paying industries.
For the day, the Dow Jones Industrial Average increased by 288.01 points, or 0.87%, closing at 33,407.58, the S&P 500 gained 50.31 points, or 1.18%, reaching 4,308.5, and the Nasdaq Composite added 211.51 points, or 1.6%, closing at 13,431.34.
For the week, the S&P 500 recorded a 0.5% increase, while the Dow fell 0.3%, and the Nasdaq rose by 1.6%.
These recent gains follow significant losses in the stock market during September and for the entire third quarter.
Investors are now awaiting data on September consumer price inflation and producer price index readings, which are due next week. Additionally, they are eagerly anticipating the upcoming quarterly earnings season, with major banks like JPMorgan Chase (JPM.N) set to report next week.
Shares of Exxon Mobil were down 1.7% after reports suggested that the US oil producer was in advanced talks to acquire Pioneer Natural Resources, which, in turn, saw its stock surge by 10.4%.
Trading volume on US exchanges reached 10.58 billion shares, slightly below the 10.72 billion average over the last 20 trading days. Advancing issues surpassed declining ones on the NYSE by a ratio of 1.96-to-1, while on Nasdaq, advancers outnumbered decliners with a ratio of 1.73-to-1.
During the trading session, the S&P 500 marked six new 52-week highs and 52 new lows, while the Nasdaq Composite recorded 27 new highs and 260 new lows.
