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Stock market today: Dow up as dip buyers shrug off fed fears amid strong jobs data

Stock Markets Dec 02, 2022 04:11PM ET
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By Yasin Ebrahim

Investing.com -- The Dow ended higher Friday, cutting losses on dip-buying momentum in the close after shrugging off a red-hot jobs report that could encourage the Federal Reserve to keep rates higher for longer.  

The Dow Jones Industrial Average gained 0.10%, or 34 points, the Nasdaq fell 0.19%, and the S&P 500 fell 0.1%.

The U.S. economy racked up 263,000 job gains in November, well above the 200,000 economists had forecast, but worryingly for the Fed average hourly wages rose by a much more than expected 0.6%, keeping elevated inflation fears front and center.

“This morning’s stronger-than-expected headline rise in employment coupled with a larger-than-expected gain in wage pressures reinforces the need for the Fed to remain focused on taming inflation,” Stifel said in a note.

Treasury yields lost some steam but remained in the ascendency as investors renewed bets on the Fed’s peak level of interest rates, or the terminal rate, rising above 5% next year.

Technology stocks were back in the firing line amid expectations for higher for longer rates, with Apple (NASDAQ:AAPL) falling 0.3% to lead big tech to the downside.

Chipmaker Marvell Technology (NASDAQ:MRVL) closed in the red, but well off session lows despite delivering softer guidance and weaker-than-expected third-quarter results.

The weaker fiscal fourth-quarter guidance ahead comes as the chipmaker works its way through overloaded inventory, a process likely to continue into next year.

“We believe MRVL is undershipping end demand in F4Q…to aggressively lower customer/channel inventory, a process that is likely to continue into F1Q,” Deutsche Bank said in a note.

Energy stocks were dragged lower by a slip in oil prices ahead of a meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.

Pointing to OPEC+’s decision to opt for a virtual meeting rather than an in-person meeting, RBC said the group’s decision to opt for “no-drama optics seemingly increases the likelihood of a rollover decision.”

EQT (NYSE:EQT), Valero Energy (NYSE:VLO) and Marathon Petroleum (NYSE:MPC) were among the biggest decliners in the energy sector.

Stock market today: Dow up as dip buyers shrug off fed fears amid strong jobs data
 

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Comments (8)
BD
BD Dec 03, 2022 11:44AM ET
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Market is forward looking to inflation going down and Feds slowing down rate hikes. Jobs are only secondary and in fact confirms no recession. No recession + inflation going down = soft landing
Raymond Ong
Raymond Ong Dec 02, 2022 7:19PM ET
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this kind of nonsense analysis, anybody can do.
Stan Smith
Stan Smith Dec 02, 2022 5:38PM ET
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Let's face it...much bigger dips coming!
Ac Tektrader
Ac Tektrader Dec 02, 2022 5:38PM ET
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"it ain't over til it's over" and the markets will tell you when.
MAP SR
MAP SR Dec 02, 2022 5:31PM ET
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Shrug - what a joke
Ac Tektrader
Ac Tektrader Dec 02, 2022 5:22PM ET
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S and p500 has hit my first target 2100 and now is signaling a possible consolidation phase over the next 10 trading days. after that another leg up to the end of the year is possible. we will have to see multiple closes above today's high with volume. 4300 would be a logical new Target.
Brad Albright
Brad Albright Dec 02, 2022 5:22PM ET
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2100?
MAP SR
MAP SR Dec 02, 2022 5:21PM ET
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$3,000
MAP SR
MAP SR Dec 02, 2022 5:21PM ET
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That's the max you can claim for Capital losses
Ravindra Jadhav
Ravindra Jadhav Dec 02, 2022 5:02PM ET
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Dow Jone goes up or not on Monday?
Mitchel Pioneer
Mitchel Pioneer Dec 02, 2022 4:32PM ET
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Another miracle "in late trade" in the BIGGEST INVESTMENT JOKE IN THE WORLD, and another financial knife in the back of America heading into the weekend.  What a surprise.
Ac Tektrader
Ac Tektrader Dec 02, 2022 4:32PM ET
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mitch so much moaning.....when are going to learn how to make money in the market..,.
Ac Tektrader
Ac Tektrader Dec 02, 2022 4:32PM ET
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no miracle markets are very predictable.....
 
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