Wall Street closed sharply higher on Friday, with tech and energy stocks leading the way. The upbeat mood among investors was fueled by encouraging jobs data released on the day, resulting in all three major stock indexes ending in the green.
The Dow Jones Industrial Average (DJI) rose 307.06 points, or 0.8%, to close at 38,904.04. The Nasdaq Composite gained 199.44 points, or 1.2%, to close at 16,248.52, while the S&P 500 advanced 57.13 points, or 1.1%, to close at 5,204.34. All 11 broad sectors of the benchmark index closed in the green, with the Industrials, Technology, and Energy sectors leading the gains.
The positive sentiment was driven by the release of the March jobs report, which exceeded expectations. The Labor Department reported that total nonfarm payroll employment rose by 303,000, well above the consensus of 195,000. The unemployment rate remained steady at 3.8%, with average hourly earnings and average workweek also showing positive trends.
The robust jobs report painted a picture of a strong labor market and a growing economy, leading to gains in various sectors. Shares of Meta Platforms, Inc. and Exxon Mobil Corporation saw notable increases on the day.
Despite the positive end to the week, trade throughout the week was overshadowed by concerns of the Fed delaying rate cuts. The Dow fell 2.3%, the S&P 500 declined 1%, and the Nasdaq dropped 0.8% for the week.
Overall, Wall Street’s performance on Friday reflected the optimism surrounding the jobs data and the broader economic outlook. Investors will be closely watching for any further developments that could impact market trends in the coming weeks.
