Stocks closed higher on Wall Street after another day of uncertain trading as markets weighed the latest reading on the jobs market and what it means for interest rates and the odds of a recession.
The S&P 500 rose 1.4% Friday after giving up a bigger gain earlier in the day. The swings followed a government report showing the unemployment rate ticked higher in October. That could take some pressure off the nation’s high inflation, if not as quickly as the Federal Reserve hoped.
Stocks in Asia rallied on continued speculation that China may relax its strict anti-COVID measures. Treasury yields eased.
The S&P 500 rose 50.66 points, or 1.4%, to 3,770.55.
The Dow Jones Industrial Average rose 401.97 points, or 1.3%, to 32,403.22.
The Nasdaq rose 132.31 points, or 1.3%, to 10,475.25.
The Russell 2000 index of smaller companies rose 20.14 points, or 1.1%, to 1,799.87.
For the week:
The S&P 500 is down 130.51 points, or 3.3%.
The Dow is down 458.58 points, or 1.4%.
The Nasdaq is down 627.20 points, or 5.6%.
The Russell 2000 is down 47.06 points, or 2.5%.
For the year:
The S&P 500 is down 995.63 points, or 20.9%.
The Dow is down 3,935.08 points, or 10.8%.
The Nasdaq is down 5,169.72 points, or 33%.
The Russell 2000 is down 445.45 points, or 19.8%.