Stock Market News, Jan. 5, 2024: S&P 500 Rises After Jobs Report

The weekly pullbacks, coming in a week shortened by the New Year’s holiday, marked the end of nine-week winning streaks for the three major indexes.

The U.S. economy added 216,000 jobs last month, more than the 170,000 economists expected. The unemployment rate held steady at 3.7%. Hiring for October and November was revised down. The mix of data did little to clarify when the Federal Reserve might start cutting interest rates.

Stocks and bonds’ weekly losses were a stark turnaround from the final weeks of last year. The tech-focused Nasdaq Composite in particular has been hit, falling more than 3% for the week.

The 10-year Treasury yield rose above 4%, up from 3.99% on Thursday. It climbed after the jobs report.

U.S. stocks edged higher. The S&P 500, Dow industrials and Nasdaq Composite recorded modest daily gains. The S&P 500 led the way higher, rising 0.2%.

The yen extended its declines, weakening to around 145 a dollar. The Japanese currency has slid this week.

Oil prices ticked higher, reversing Thursday’s losses. Brent finished the week just under $79 a barrel.

European and Asian stock indexes mostly fell. Data showed a weaker-than-expected rebound in eurozone inflation.

Dig deeper into the jobs report:

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