Wall Street closed sharply higher on Friday, with tech and energy stocks leading the way. The upbeat mood among investors was fueled by encouraging jobs data released on the day, resulting in all three major stock indexes ending in the green.
The Dow Jones Industrial Average (DJI) rose 307.06 points, or 0.8%, to close at 38,904.04. The tech-heavy Nasdaq Composite gained 199.44 points, or 1.2%, to close at 16,248.52. The S&P 500 advanced 57.13 points, or 1.1%, to close at 5,204.34, with all 11 broad sectors of the benchmark index closing in positive territory.
The fear-gauge CBOE Volatility Index (VIX) decreased 2% to 16.03, and a total of 10.1 billion shares were traded on Friday. Advancers outnumbered decliners on both the NYSE and Nasdaq.
The rally was sparked by the release of the jobs report, which showed that total nonfarm payroll employment rose by 303,000 in March, surpassing expectations. The unemployment rate remained steady at 3.8%, and average hourly earnings increased by 0.3%.
The robust jobs report painted a picture of a strong labor market, with employers feeling optimistic about the economy’s direction. However, the report may delay potential rate cuts by the Fed, as the central bank may not feel the need to intervene.
Shares of Meta Platforms, Inc. and Exxon Mobil Corporation saw gains of 3.2% and 1.4%, respectively, reflecting the positive sentiment in the market.
In economic data released by the Federal Reserve, consumer credit for February came in higher than expected at $14.1 billion.
Throughout the week, trade was influenced by speculation about the Fed delaying rate cuts, resulting in declines for the Dow, S&P 500, and Nasdaq. Despite this, the positive end to the week suggests that investors remain optimistic about the market’s future.
Overall, the strong performance on Friday, fueled by the encouraging jobs data, signals a positive outlook for Wall Street as it heads into the new week.
