Highlights
Better than expected US jobs data lifted stocks Thursday to extend their recent rally with the S&P 500 and Nasdaq reaching new closing highs. The Dow Jones industrial average and the S&P 500 both gained 0.8 percent and the Nasdaq advanced 1.0 percent. US Treasury yields and the dollar rose while oil prices slipped.
The stock gains came despite rising interest rates and diminished hopes for Federal Reserve rate cuts after jobs rose by an unexpectedly large 147,000 jobs while unemployment declined to 4.1 percent from 4.2 percent in the latest month.
Big technology stocks, which have been rising lately, maintained their momentum Thursday to boost the major averages. Amazon, Broadcom, Microsoft and Nvidia were among the leaders.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.