Stocks mostly rose after the jobs report showed solid hiring in December, but were on track for weekly losses.
The U.S. economy added 216,000 jobs last month, 170,000 more than economists had expected. The unemployment rate held steady at 3.7%. Hiring for October and November has been reduced.
With uncertainty about when the Federal Reserve will begin cutting interest rates, investors are scrutinizing the data, monitoring the possibility of a “soft landing.”
Stocks and bonds are poised to close the first week of 2024 with losses—a stark turnaround from the closing weeks of last year. A particularly tech-focused Nasdaq composite had fallen more than 3% through Thursday.
The 10-year Treasury yield traded above 4%, It was 3.99% on Thursday. It increased after the jobs report.
US stocks edged higher. The S&P 500 and Nasdaq Composite pared some gains from the previous day but were still in the green. Dow Jones Industrial Average was down. All three were on pace to post weekly losses.
The yen extended its slide and weakened to 144 per dollar. The Japanese currency has fallen nearly 3% this week.
Oil prices rebounded Thursday's losses. Brent traded at around $78.75 a barrel.
Bitcoin trades around $43,500, The price dropped from 5pm ET on Thursday.
European and Asian stock indexes mostly fell. The data showed a weaker-than-expected rebound in eurozone inflation.
Delve deeper into the jobs report:
