Stocks across major indexes rose on Friday following a jobs report that exceeded expectations, showing growth in nonfarm payrolls and a decrease in the unemployment rate. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all saw gains during the session, with financials and tech stocks leading the way. Megacap tech names like Tesla, Amazon, and Netflix saw increases, contributing to the Nasdaq’s outperformance. Financials, including JPMorgan Chase and Wells Fargo, surged, with the sector closing at a record high.
Small cap stocks also rallied, with the Russell 2000 up 1.5%. This bounce erased losses from previous days, when geopolitical tensions in the Middle East led to a shaky start in October. Despite this, the S&P 500 finished the week up by 0.22%, while the Dow and Nasdaq also saw slight gains.
Crude oil prices rose, with a significant increase for the week as a result of escalating conflict in the Middle East. Energy stocks saw a boost, with the sector posting its best week since October 2022. Overall, the market responded positively to the strong jobs report, indicating confidence in the health of the economy and potential for continued growth.
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