Stocks Notch Weekly Gain After Jobs Data Surprise: Markets Wrap
- Labor-market data backs Fed’s view of a resilient economy
- Tensions between the US and China continue to simmer
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US stocks notched a weekly gain after a surprisingly strong jobs report alleviated recession fears but cleared the path for the Federal Reserve to raise rates sharply at its next meeting.
The S&P 500 suffered a decline on Friday after falling as much as 1.1% during the session. But the index and the Nasdaq 100 wrapped up their third straight week of gains, the longest rising streak since April for both. Treasuries sank, with the 10-year yield around 2.83% after climbing nearly 26 basis points since Monday.