U.S. stocks saw a surprising bounce on Friday, culminating in the S&P 500 index’s biggest intraday comeback since the March banking crisis, even though a monthly jobs report for September came in much higher than expected.
Bolvin said part of the rally could be seasonal, with September typically being a rough months for stocks. There also has been increased optimism that the earnings recession for American corporations may be over, she said. “The movement in stocks today is certainly encouraging given yields are up as well,” said Chris Fasciano, portfolio manager, Commonwealth Financial Network. “But we will need to see follow through next week.”
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How major US stock indexes fared Friday, 10/06/2023Wall Street rallied in a whipsaw Friday after looking deeper into the nuances of a surprisingly strong report on the U.S. job market. The S&P 500 rose 1.2% after erasing an earlier drop of 0.9%. The Dow added 288 points, and the Nasdaq composite flipped to a gain of 1.6%. Stocks initially tumbled after the strong jobs report raised worries about upward pressure on inflation and the Federal Reserve keeping interest rates high. But Treasury yields pared their gains as the report also included some more encouraging nuggets for the Fed’s inflation fighters.
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