U.S. Stocks Rise After Jobs Report Meets Expectations
Investing.com | Author Liz Moyer
Published Sep 02, 2022 09:52AM ET
Updated Sep 02, 2022 10:49AM ET
By Liz Moyer
Investing.com -- U.S. stocks rose on Friday after August’s jobs report came in mostly aligned with expectations.
At 10:47 ET, the Dow Jones Industrial Average was up 319 points or 1%, while the S&P 500 was up 1.2%, and the NASDAQ Composite was up 1.3%.
The economy added 315,000 nonfarm jobs in August, higher than expected but not as much as the more than half million added in July. Wage growth annually stayed the same at 5.2%, though it cooled from July as well. The unemployment rate edged up to 3.7% from 3.5% previously.
Some investors had worried that a too hot jobs report could encourage the Fed to continue on its current aggressive path to raising interest rates. Friday’s inline report gave some hope the central bank could slow its pace.
Separately, the G7 group of nations agreed on a plan to cap the price of Russian oil exports, a way to cut funding for Russia’s war in Ukraine.
Lululemon Athletica (NASDAQ:LULU) rose 9% after a positive earnings report and guidance raise, saying demand from affluent shoppers remains strong despite inflation.
Shares of Broadcom (NASDAQ:AVGO) rose 4.8% on a strong fourth quarter revenue forecast, seeing demand for chips strong in the business segment.
Oil rose. Crude Oil WTI Futures was up 2%, to $88.50 a barrel and Brent Oil Futures crude rose 2% to $94.25 a barrel. Gold Futures rose 1.1% to $1728 an ounce.
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.