Stock Market Today: Dow Closes Higher to Start Q2
Investing.com
Published Apr 01, 2022 06:44AM ET
Updated Apr 01, 2022 04:57PM ET
By Peter Nurse
Investing.com -- U.S. stocks closed higher on Friday to start a new quarter after the release of the much anticipated monthly official jobs report.
At 4:55 PM ET, the Dow Jones Industrial Average rose 139 points, or 0.4%, while the S&P 500 was up 0.3% and the NASDAQ Composite was up 0.3%.
The main Wall Street indices closed sharply lower Thursday, with the blue-chip Dow Jones Industrial Average, the broad-based S&P 500 and the tech-heavy Nasdaq Composite all closing down more than 1.5%.
The three major averages posted their worst quarter since March 2020, with the Dow and S&P 500 declining 4.6% and 4.9% and the Nasdaq dropping more than 9%, as a hawkish Federal Reserve and soaring consumer prices raised fears of a sharp economic slowdown.
The nonfarm payrolls release for March said employers added 431,000 jobs, less than expected, amid further signs of an improvement in the labor market, providing the Federal Reserve with more leeway to be more aggressive with its tightening cycle.
Analysts expected an increase of 490,000 jobs, with the unemployment rate falling to 3.7%, suggesting the central bank can continue attempting to combat inflation without the fear of hurting the economy too severely.
In the corporate sector, the auto giants Ford (NYSE:F) and General Motors (NYSE:GM) will be in the spotlight after both companies decided to halt production at their Michigan factories.
Ford will suspend production at its Flat Rock Assembly Plant next week, where it builds the Mustang, due to the global semiconductor shortage, while GM is halting production at its Lansing Grand River Assembly, where it makes the Cadillac CT4, the Cadillac CT5, and the Chevrolet Camaro.
Meme favorite stock GameStop (NYSE:GME) will also be in focus after the video game retailer announced plans late Thursday to implement a stock split.
Oil prices stabilized after the previous session’s sharp losses on the news that the U.S. plans to release one million barrels a day for six months from its emergency reserves, starting in May. This would be the largest release ever from the U.S. Strategic Petroleum Reserve.
International Energy Agency member countries are set to meet later Friday to discuss joining in, following on from the 60 million barrels they delivered at the start of March.
This story was originally published at 7 AM ET and updated
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.