US stocks rose in morning trading on Wall Street Friday after the government reported that employers unexpectedly cut 23,000 jobs last month. The S&P 500 rose 0.4% and is hovering around the record it set on Tuesday. The Dow Jones Industrial Average rose 114 points, or 0.2%, as of 9:55 a.m. Eastern time. The Nasdaq composite rose 1%.
Market Reaction
The bond market reacted more strongly to the weaker signal on the job market, which can be seen as allowing the Federal Reserve more time before raising interest rates to fight inflation. The yield on the 10-year Treasury fell to 4.63% from 4.67% just prior to the jobs update.
Technology stocks, with their big market values, did much of the heavy lifting for the broader market. Nvidia jumped 1.3% and Broadcom rose 1.1%. The report paints a dimmer picture of the jobs market, which has been one of the brighter areas of the economy amid rising inflation and worries about household spending.
Original reporting: NBC Connecticut — read the source article.
