Monday, May 27, 2024

U.S. stocks end higher on support from tech firms after jobs report

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© Reuters. Traders work on the New York Stock Exchange on September 28, 2023. Photo: Brendan McDermidt – Reuters.

NEW YORK (Reuters) – U.S. stocks rose sharply on Friday as investors assessed Friday’s jobs report, which showed a sharp rise in U.S. employment in September but a slowdown in wage growth.

The S&P 500 index hit a weekly high, ending a four-week losing streak.

IT stocks outperformed other sectors in the country, followed by communications services stocks.

Stocks initially fell after jobs data showed U.S. job openings rose the most in eight months in September and showed a slowdown in wage growth.

Market watchers are evaluating the possibility of the Federal Reserve raising interest rates after a rise in long-term yields. U.S. 10-year Treasuries hit a 16-year high on Friday.

The S&P 500 rose 50.32 points, or 1.18 percent, to close at 4,308.51 points, according to preliminary data. The Nasdaq Composite gained 211.51 points, or 1.59 percent, to close at 13,431.34. The industrial index rose 280.84 points, or 0.85 percent, to close at 33,400.41 points.

(Prepared by Muhammad Harfouch for Arabian Bulletin – Editing by Ayman Saad Muslim)

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Nadia Barnett
Nadia Barnett
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