US stocks edge higher as investors weigh what a solid jobs report means for Fed rate hikes

US stocks edge higher as investors weigh what a solid jobs report means for Fed rate hikes

US stocks rose Friday following a largely solid March jobs report.  The US economy added 431,000 job, and the unemployment rate fell to 3.6%. The S&P 500 begins the second quarter after coming off its first quarterly loss since the pandemic started.  Loading Something is loading. Stocks rose Friday as investors started trading in April…

  • US stocks rose Friday following a largely solid March jobs report. 
  • The US economy added 431,000 job, and the unemployment rate fell to 3.6%.
  • The S&P 500 begins the second quarter after coming off its first quarterly loss since the pandemic started. 

Loading Something is loading.

Stocks rose Friday as investors started trading in April with a largely solid unemployment report for March that is seen keeping the


Federal Reserve

on track for further policy tightening.

The S&P 500 was modestly higher after the Labor Department said the US economy added 431,000 jobs in March, which was below the forecast for 490,000 new payrolls. 

 “There was a large upward revision in the February numbers and the unemployment rate ticked down to 3.6% resulting in an overall report that was in line with expectations and will not affect future Fed policy,” said Jay Hatfield, portfolio manager of the ICAP ETF, in a note to Insider.

Here’s where US indexes stood at 9: 30 a.m. on Friday:    

Friday’s rally comes after the S&P 500 on Thursday finished the first quarter with its first quarterly loss since March 2020. 

“We expect that the stock market will be range-bound in the 4,400-4,600 range over the next few weeks as we await first-quarter earnings season,” said Hatfield. “We expect earnings season to be a positive catalyst for stocks as most companies are benefiting from the strong economy and the wind-down of the pandemic.”

Around the markets, Russia is on pace to rake in $321 billion from energy exports this year as trade partners continue buying its oil and gas. 

The SEC said crypto platforms that hold customers’ stashes must treat them as their own assets and liabilities

Oil prices continued to fall after President Joe Biden announced releases from the Strategic Petroleum Reserve. West Texas Intermediate crude slipped 0.8% to $99.44 per barrel. Brent crude, the international benchmark, lost 0.6% at $104.12.

Gold prices fell 1% to $1,935.20 per ounce. The 10-year yield climbed 8 basis points to 2.42%. 

Bitcoin fell 3.5% to $45,380.95.

Deal icon An icon in the shape of a lightning bolt.

Keep reading

More:

MI Exclusive
Stocks
stock market news
s&p 500

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Read More

The co-founder of WLTH explains the common traps people fall into when looking for a home Previous post The co-founder of WLTH explains the common traps people fall into when looking for a home
Sri Lankan president declares curfew to preempt protests Next post Sri Lankan president declares curfew to preempt protests

Leave a Reply

Your email address will not be published.