According to CNBC on Saturday (October 5, 2024), the S&P 500 index rose by 0.9%, closing at 5,751.07. The Nasdaq Composite surged by 1.22%, reaching 18,137.85. The Dow Jones Industrial Average increased by 341.16 points, or 0.81%, achieving a record closing high of 42,352.75.

The rally in U.S. stocks followed data revealing that non-farm payrolls grew by 254,000 jobs in September, significantly exceeding Dow Jones economists’ expectations of around 150,000 jobs.

The unemployment rate also dropped to 4.1%, defying forecasts that it would remain stable at 4.2%.

“Following a summer marked by weak employment data, this is reassuring evidence that the U.S. economy remains resilient, supported by a healthy labor market,” said Michelle Cluver, head of model ETF portfolios at Global X.

“We continue to be in an environment where good economic news translates into positive outcomes for equity markets, enhancing the potential for a soft landing,” she added.

“Also Read: Republican 2024 Candidates Continue to Deny 2020 Election Results”

Stock Performance

Major technology stocks like Tesla, Amazon, and Netflix contributed to the rally on Friday, which explains Nasdaq’s strong performance.

The financial sector led gains in the S&P 500 during the session, climbing 1.6% to close at a record high. Both JPMorgan Chase and Wells Fargo saw their shares jump more than 3%.

Additionally, small-cap stocks also saw gains, with the Russell 2000 index rising by 1.5%. Friday’s rebound erased some losses observed in recent days.

Weekly Performance

The S&P 500 ended the week up 0.22%, while the Dow increased slightly by 0.09%. The Nasdaq gained 0.1% this week, a significant turnaround considering it entered Friday’s session down more than 1%.

Crude oil prices also rose on Friday, leading to a weekly gain of about 9%. This increase was driven by escalating conflicts in the Middle East following Iran’s missile attack on Israel.

Energy stocks surged this week alongside rising oil prices, with the S&P 500 energy sector climbing 7%. This marked the best week for the group since October 2022.

“The Complete Information From Wikipedia About Wall Street”

The post Wall Street Record-Breaking Rally: What the Latest Jobs Report Means for Investors appeared first on Plow United.