© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. REUTERS/Brendan McDermid/File Photo
By Caroline Valetkevitch
NEW YORK (Reuters) – U.S. stocks closed sharply higher on Friday with technology shares, as investors assessed Friday’s jobs report that showed U.S. hiring rose broadly in September but also that wage growth was slowing.
The rose for the week, snapping a four-week losing streak.
Information technology was up the most of any S&P 500 sector, followed by communication services.
Stocks initially fell early after the jobs data, which showed U.S. employment increased by the most in eight months in September but also that wage growth cooled.
Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, said the S&P 500 appeared to bounce after nearing its 200-day moving average, currently at around 4,208.
Also, he said, “You have an economy that’s slowing, but not faltering, and you have a Federal Reserve on the sidelines.”
Market watchers have been weighing whether the Fed may be done hiking interest rates after a recent surge in long-term U.S. Treasury yields. Benchmark 10-year U.S. Treasury yields hit 16-year highs on Friday.
According to preliminary data, the S&P 500 gained 50.32 points, or 1.18%, to end at 4,308.51 points, while the Nasdaq Composite gained 211.51 points, or 1.59%, to 13,431.34. The Dow Jones Industrial Average rose 280.84 points, or 0.85%, to 33,400.41.
For the month of September, stocks registered sharp losses.
Investors await data on September consumer price inflation and producer price index readings, due next week.
Investors also are keen for the upcoming quarterly earnings season, with major banks including JPMorgan Chase (NYSE:) due to report next week.
Shares of Exxon Mobil (NYSE:) were down after sources told Reuters that the U.S. oil producer was in advanced talks to acquire Pioneer Natural Resources (NYSE:). Pioneer’s stock jumped.
