Stocks nudged higher on Friday, providing a much-needed reprieve for jittery investors who were digesting the crucial monthly jobs report and keeping a close eye on surging oil prices. The Dow Jones Industrial Average (^DJI) gained roughly 0.1%, or 20 points, while the S&P 500 (^GSPC) added 0.3% following its worst single-day fall since February. The Nasdaq Composite (^IXIC) also saw a 0.4% increase.
According to Yahoo Finance’s Josh Schafer, the US labor market continued to impress in March, with employers adding 303,000 jobs, surpassing economists’ expectations. The unemployment rate also dropped to 3.8%, and wage growth met expectations.
The market had experienced a slump on Thursday as oil prices reached their highest levels in six months, sparking concerns about inflation. Additionally, a series of Federal Reserve speakers had cast doubt on the possibility of an interest rate cut in the near future.
Investors are navigating through economic releases, corporate news, and escalating tensions in the Middle East, leading to a week of volatile stock movements.
Oil prices remained near multimonth highs on Friday, with Brent crude futures hovering just below $91 a barrel and West Texas Intermediate futures trading at $86.60. The surge in oil prices was attributed to escalating tensions between Israel and Iran.
In other news, Tesla (TSLA) shares fell over 3% after reports emerged that the company had scrapped plans for a more affordable model. The decision was a setback for the electric carmaker, which had promised affordable electric cars for mainstream customers.
Overall, the market showed signs of resilience on Friday, with investors cautiously optimistic amidst a backdrop of economic and geopolitical uncertainties.
