Stocks rally after jobs report release
Los Angeles —
Wall Street stocks surged on Friday following the release of this month’s jobs report which showed stronger than expected resilience of the U.S. job market.
The U.S. added 336,000 jobs in September, more than double expectations.
The S&P 500 climbed 1.2% to 4,308.50 after an earlier drop of nearly 1%.
The Dow Jones Industrial Average rose roughly 0.9% to 33,407.58, while the Nasdaq Composite gained 1.6% to 13,431.34.
The labor market failed to show forecasts of a cooling economy, raising concerns amongst investors that the feds could keep higher rates for longer.
Friday’s jobs report comes before the next policy meeting of the central bank.
