The S&P 500 rose 1.1 per cent, making up most of the loss from the previous day and moving closer to its record high set last week. The benchmark index still posted its first weekly loss in three weeks.The Dow Jones rose 0.8 per cent and the Nasdaq composite gained 1.2 per cent. The Australian sharemarket is set for a strong start to the week, with futures pointing to a rise of 38 points, or 0.5 per cent, at the open.
The bond market may be signalling concern about interest rates staying higher for longer, but the stock market seems to be accepting the strong jobs report as good news, with consumer spending and corporate profits remaining important for investors. Strong employment and consumer spending have raised concerns about getting inflation below 3 per cent and heading toward the Fed’s target rate of 2 per cent won’t be easy. They also raise the potential for inflation to reheat.
The market was mostly quiet elsewhere with the latest round of corporate earnings set to heat up in the next few weeks.
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