US stocks end mixed after strong jobs data

Traders work on the floor of the New York Stock Exchange, on Dec 2, 2022. PHOTO: EPA-EFE

Wall Street stocks were mixed at the end of Friday’s session, as markets assessed the implications of a solid jobs report for US monetary policy.

The world’s biggest economy added 263,000 jobs in November, more than anticipated, while the unemployment rate remained at 3.7 per cent, Labour Department data showed.

Government figures also indicated a bigger jump in hourly wages than analysts had benchmarked.

Stocks initially tumbled on the release as markets feared it would extend the period of ultra-aggressive Federal Reserve interest rate hikes to counter inflation.

But markets recovered throughout the day, lifting the

The Dow Jones Industrial Average narrowly into positive territory to close at 34,429.88, up 0.1 per cent.

The broad-based S&P 500 slipped 0.1 per cent to 4,071.70, while the tech-rich Nasdaq Composite Index lost 0.2 per cent at 11,461.50.

Markets were unnerved by the jump in wages “because that tends to feed inflation,” said Quincy Krosby of LPL Financial But investors also realize that “there’s a positive side to this,” she said.

“The Fed has the luxury if you will to continue to raise rates, with smaller rate hikes. And the labour market remains resilient.”

Among individual companies, Boeing jumped 4 per cent following a Wall Street Journal report that United Airlines is close to agreeing to order dozens of Boeing 787 Dreamliners.

United shares were flat. AFP

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