Market surges on robust jobs report, tech and consumer stocks lead gains

From Nasdaq: 2024-10-07 09:31:00

U.S. stocks surged on Friday, with the Dow hitting a record high after a robust jobs report eased concerns about a slowing economy. The Dow Jones Industrial Average rose 0.8% while the S&P 500 gained 0.9%. The Nasdaq also climbed 1.2%. Tech, consumer discretionary, financial, and communication services stocks led the gains.

The Bureau of Labor Statistics reported that nonfarm payrolls grew by 254,000 in September, surpassing expectations. The unemployment rate also fell to 4.1%. The positive report boosted investor sentiment, with tech stocks like Tesla and Netflix seeing gains. Geopolitical tensions were overshadowed by optimism from the jobs data.

The week ended on a positive note for the stock market, erasing earlier losses. The Dow finished up 0.09%, the S&P 500 closed 0.22% higher, and the Nasdaq ended the week with a 0.1% gain. This followed a few days of volatility due to geopolitical concerns, with the jobs report providing a much-needed boost.

A massive infrastructure stock boom is expected in the U.S., with trillions set to be spent on rebuilding infrastructure. Zacks has identified 5 companies poised to benefit from this growth. Investors are encouraged to download a free report to learn more about these potential opportunities and how to capitalize on the upcoming infrastructure spending trend.



Read more at Nasdaq: Stock Market News for Oct 7, 2024