U.S. Stocks Surge on Stellar Jobs Report, Defying Interest Rate Worries
April 5, 2024The U.S. stock market experienced a rebound on Friday with the Nasdaq Composite leading the way, gaining over 200 points.
Strong employment data with the addition of 303,000 jobs in March, surpassing expectations, helped fuel the market surge.
Major indices including the Dow Jones rose 0.80%, Nasdaq increased by 1.24%, and the S&P 500 climbed 1.11%.
Investors showed optimism despite potential concerns over the Federal Reserve's interest rate policies, focusing instead on the strong job market and economic growth.
The market reacted favorably to signals of continued consumer spending and earnings growth, as well as to the rise in labor participation and manageable wage inflation.
Summary based on 32 sources
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Sources
The New York Times • Apr 5, 2024
Employers added 303,000 jobs in the 39th straight month of growth.Forbes • Apr 5, 2024
March Jobs Report: Blockbuster Payroll Growth While Wages Stay ModerateThe Guardian • Apr 5, 2024
US workforce adds 303,000 jobs in March – far more than expectedInsider • Apr 5, 2024
There were 303,000 jobs added in March, unemployment rate at 3.8%