© Reuters. Traders work at the New York Stock Exchange on September 28, 2023. Photograph: Brendan McDermid – Reuters.
NEW YORK (Reuters) – U.S. stocks closed sharply higher on Friday as investors assessed Friday’s jobs report, which showed a significant rise in U.S. employment in September but also showed a slowdown in wage growth.
The Standard & Poor’s 500 index achieved a weekly rise, ending a four-week losing streak.
Information technology stocks rose more than any other sector in the country, followed by communications services stocks.
Stocks initially fell early after jobs data showed US employment increased by the most in eight months in September but also showed a slowdown in wage growth.
Market watchers have been evaluating the possibility that the Federal Reserve will raise interest rates after the recent rise in long-term yields. US 10-year Treasury bond yields rose to a 16-year high on Friday.
According to preliminary data, the Standard & Poor’s 500 rose by 50.32 points, or 1.18 percent, to close at 4,308.51 points. The Nasdaq Composite Index rose 211.51 points, or 1.59 percent, to close at 13,431.34 points. The industrial index rose 280.84 points, or 0.85 percent, to close at 33,400.41 points.
(Prepared by Muhammad Harfouche for the Arabic Bulletin – Edited by Ayman Saad Muslim)
2023-10-06 20:50:00
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