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Stock market today: Wall Street adds to weekly gains after cooler-than-expected jobs report

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NEW YORK (AP) — Wall Street’s best week this year is getting even better following a cooler-than-expected report on the job market. The S&P 500 was up 0.5% higher in early trading Friday.

The Dow rose 176 points, and the Nasdaq composite was up 0.5%. Stocks have surged this week on rising hopes the Federal Reserve is finally done with its market-crunching hikes to interest rates. Friday’s jobs report underscored that pressure is easing on inflation after it showed employers hired fewer workers last month than economists expected. Treasury yields tumbled, releasing more of the pressure that had built up on the stock market.

Shares of Apple fell more than 2% in after hours trading after the iPhone maker posted another quarter of lagging sales. The slight revenue deterioration announced by the tech trendsetter Thursday for the July-September period marked the end of Apple’s fiscal year — a stretch that saw the company suffer a revenue decrease from the prior year in each quarter.

The U.S. labor market has shown remarkable resilience in the face of a parade of rate hikes by the Federal Reserve since March of 2022. Australia’s S&P/ASX 200 gained 1.1% to 6,978.20. South Korea’s Kospi surged 1.1% to 2,368.34. India’s Sensex was 0.6% higher and Bangkok’s SET rose 0.8%.

 

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