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U.S. Stocks Rise After Jobs Report Meets Expectations

AuthorLiz Moyer
Published 09/02/2022, 09:52 AM
Updated 09/02/2022, 10:49 AM
© Reuters.

By Liz Moyer 

Investing.com -- U.S. stocks rose on Friday after August’s jobs report came in mostly aligned with expectations.

At 10:47 ET, the Dow Jones Industrial Average was up 319 points or 1%, while the S&P 500 was up 1.2%, and the NASDAQ Composite was up 1.3%.

The economy added 315,000 nonfarm jobs in August, higher than expected but not as much as the more than half million added in July. Wage growth annually stayed the same at 5.2%, though it cooled from July as well. The unemployment rate edged up to 3.7% from 3.5% previously.

Some investors had worried that a too hot jobs report could encourage the Fed to continue on its current aggressive path to raising interest rates. Friday’s inline report gave some hope the central bank could slow its pace.

Separately, the G7 group of nations agreed on a plan to cap the price of Russian oil exports, a way to cut funding for Russia’s war in Ukraine.

Lululemon Athletica (NASDAQ:LULU) rose 9% after a positive earnings report and guidance raise, saying demand from affluent shoppers remains strong despite inflation.

Shares of Broadcom (NASDAQ:AVGO) rose 4.8% on a strong fourth quarter revenue forecast, seeing demand for chips strong in the business segment.

Oil rose. Crude Oil WTI Futures was up 2%, to $88.50 a barrel and Brent Oil Futures crude rose 2% to $94.25 a barrel. Gold Futures rose 1.1% to $1728 an ounce.

Latest comments

WoW market is now full of "hope-so and not-mine" liars.
I don't know why people think FED will reduce rate. If I was the Fed and I came out to make such a *******speech a few days ago, it will be stupid of me to backdown. That will even reduce credibility.  Therefore, if I was the Fed I will continue with 75 Base point to teach the greedy market a good lesson because people do not simply listen. So the action will show them this is not a joke.  Market cannot keep jumping ridiculously on slight data improvement when the hole is still very deep. This just goes to show that people don't think at all. FOMO has taken over common sense.  Anyway, we will see what happens when the 75 Points hike hits and also the Balance Sheet run off starts removing the liquidity. Washington is just talking to boost votes, they don't care about you or the companies... Just Power
Dude , everyone knows the Fed isnt going to reduce interest Rates. You’re definitely on an island by Yourself.
 Read what I wrote, joker! I said in my comment that the Fed will not reduce rate. I wonder why people think Fed will reduce it.  And that if I was the Fed I will continue and back up my speech with action of 75 Base points.  Learn to read before you reply
market up because Fed lost excuses for raising rates. practically no excuses anymore.
simple chart reading was bearish
natural gas. -6%, falling is the best catalyst
True sign of goldilocks economy. not too hot, not too cold, just right.
soon will dump again
Taming the shorts is the next fed move😎
natural gas, -4%, falling big today is the best bullish news. maybe a sign for major breakthrough in peace negotiations in ukraine
Markets up on returned greed
if Trump were potus now, he would yell to fed, look at worsening job market, cut interest rate now!
All we need to do is to surprise the short sellers😎
it's a good thing he is not or Russia would have just taken over the Ukraine no questions asked. don't forget the economy is not his concern, he is only focused on making himself rich and creating havoc
True. short covering is 1st stage of New bull market
rapidly cooling job market will force fed to CUT the interest rate proactively, if Fed members are politically neutral. if they continue to be aggressive right before mid-term election. their existence would be questionable.
Lets deflate the bags of short sellers…😎must needed to stabilize the economy
cooling market? those numbers still show growth, even better job numbers than during trumps bidding of time as head honcho
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