US stocks rallied Friday after a surprisingly strong report on the nation's job market raised optimism about the economy.
- The Dow rose 341.16 points, or 0.8%, to 42,352.75, a record.
- The S&P 500 rose 51.13 points, or 0.9%, to 5,751.07.
- The Nasdaq rose 219.37 points, or 1.2%, to 18,137.85.
Leading the way were banks, airlines, cruise ship operators, and other companies whose profits can benefit the most from a stronger economy where people are working and better able to pay for things. Norwegian Cruise Line steamed 4.9% higher, JPMorgan Chase rose 3.5%, and the small companies in the Russell 2000 index gained 1.5%. They helped stock indexes claw back losses from earlier in the week caused by worries that worsening tensions in the Middle East could lead to disruptions in the global flow of oil. Crude prices rose again Friday, but the moves were more modest than earlier in the week, as the world continued its wait to see how Israel will respond to Iran's missile attack.
In the meantime, the strength of the US economy reclaimed its spot as the top mover of markets. Before Friday's jobs report, the trend had been a slowdown in hiring by US employers. That's not surprising given how hard the Fed pressed the brakes on the economy through higher rates in order to stamp out high inflation. But Friday's blowout numbers bolstered hope that the economy will keep growing, particularly now that the Federal Reserve has begun cutting interest rates to give it more juice. The report was so strong that it pushed traders to abandon bets that the Federal Reserve will deliver another larger-than-usual cut to interest rates at its next meeting. They're now forecasting zero chance for a cut of half a percentage point, according to data from CME Group. Just a week ago, they were saying it was better than a coin flip's chance. (More Wall Street stories.)
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