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By Staff Reporters
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Stocks recorded their first significant rally of 2023 on Friday, as the release of jobs data triggered a relief rally that saw the major U.S. equity averages all rise more than 2%. This marked the biggest one-day percentage gain for the S&P 500 since Nov. 30. The Dow (DJI) ended +2.1%, the S&P 500 (SP500) closed +2.3%, and the NASDAQ Composite (COMP.IND) finished +2.6%.
It seems investors digested December’s key non-farm payroll report and its possible implications on future Fed moves. While job growth remained robust and the unemployment rate fell, indicating a tight job market, wage increases continued to slow. The report came in the wake of other employment data and the Fed’s meeting minutes this week that appeared to solidify expectations of the Fed remaining aggressive in its rate hike campaign.
Meanwhile, domestic services sector activity tumbled into contraction territory for the first time since May 2020 and factory orders fell more than forecasts.
Treasury yields dropped following the data, and the U.S. dollar fell, while crude oil prices nudged higher, and gold gained ground. News on the equity front was in short supply, but Tesla was back in the news after it said it will slash prices in China for a second time, and Bed Bath & Beyond is reportedly near filing for bankruptcy, while Costco reported net sales that were well received.
Stocks in Asia were mixed, and European stocks were noticeably higher, as the markets digested regional economic data and the U.S labor report.
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CITE: https://www.r2library.com/Resource/Title/082610254
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Alternative Investments, Funding Basics, Investing | Tagged: DAILY UPDATE: Domestic Equities "Blast-Off", domestic equities, equities, equities blast off |
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