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Investing.com – The Dow rose Friday, notching its longest weekly wining streak since 2019 after a stronger-than-expected jobs report added to optimism that the U.S. economy will avoid a recession amid ongoing bets for a rate cut early next year.
By 16:00 ET (21:00 GMT), the benchmark rose 0.5% to a new closing high for the year of 4,604.37, and 30-stock rose 0.4%, or 130 points, notching a sixth weekly win. The tech-heavy rose 0.5%.
Nonfarm payrolls spring upside surprise in November
Nonfarm payrolls increased by 199,000 jobs last month after rising by 150,000 in October, according to data from the Labor Department’s Bureau of Labor Statistics (BLS). Economists had estimated that payrolls would climb by 180,000 roles.
Average hourly earnings, a key gauge of wage growth, rose at a monthly pace of 0.4% versus October, accelerating from a previous reading of 0.2% and faster than predictions of 0.3%. The unemployment rate in the world’s largest economy, meanwhile, unexpectedly ticked down to 3.7%.
The uptick in wage growth, which risks boosting inflation, muddied the optimism for rate cuts, pushing higher, though some economists were quick to downplay the…
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