Wall Street rallied in a whipsaw Friday after looking deeper into the nuances of a surprisingly strong report on the U.S. job market.
The S&P 500 rose 1.2 percent after erasing an earlier drop of 0.9 percent. The Dow added 288 points, and the Nasdaq composite flipped to a gain of 1.6 percent.
Stocks initially tumbled after the strong jobs report raised worries about upward pressure on inflation and the Federal Reserve keeping interest rates high. But Treasury yields pared their gains as the report also included some more encouraging nuggets for the Fed’s inflation fighters.
On Friday:
The S&P 500 rose 50.31 points, or 1.2 percent, to 4,308.50.
The Dow Jones Industrial Average rose 288.01 points, or 0.9 percent, to 33,407.58.
The Nasdaq composite rose 211.51 points, or 1.6 percent, to 13,431.34.
The Russell 2000 index of smaller companies rose 14.05 points, or 0.8 percent to 1,745.56.
For the week:
The S&P 500 is up 20.45 points, or 0.5 percent.
The Dow is down 99.92 points, or 0.3 percent.
The Nasdaq is up 212.02 points, or 1.6 percent.
The Russell 2000 is down 39.54 points, or 2.2 percent.
For the year:
The S&P 500 is up 469 points, or 12.2 percent.
The Dow is up 260.33 points, or 0.8 percent.
The Nasdaq is up 2,964.86 points, or 28.3 percent.
The Russell 2000 is down 15.69 points, or 0.9 percent.
