S&P 500 closes higher despite weak job gains, Amazon rally boosts consumer stocks

From Investing.com: 2024-11-01 16:20:42

The S&P 500 closed higher on Friday as weak job gains in the October report supported expectations for a Fed rate cut next week. The index was up 0.7%, with Amazon’s rally boosting consumer stocks. The US economy added only 12,000 jobs, below the expected 106,000, impacted by recent hurricanes. The Fed is likely to cut rates by 25 basis points, with further cuts expected in November and December. Apple’s stock fell after a cautious revenue outlook, while Amazon rose on strong quarterly revenues. Energy sector stumbled despite better-than-expected earnings from Exxon Mobil and Chevron due to rising oil prices amid geopolitical tensions in the Middle East.



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