The closely guarded labor report of work Department showed nonfarm payrolls rose by 315,000 jobs last month, versus expectations of 300,000. Average hourly earnings increased 0.3%versus estimates of 0.4%, and the unemployment rate advanced to 3.7% from the pre-pandemic low of 3.5%.
“The report was a step in the right direction, but it wasn’t a giant leap in that direction,” said Brian Jacobsen of Allspring Global Investments in Milwaukee, Wisconsin.
“So at the margin it shifts the balance towards a 50 basis point hike instead of 75, but the key will of course be the inflation data. That will probably decide whether it should be 50 or 75 basis points.” , he added.
Fears of aggressive monetary policy tightening have gripped Wall Street since Fed Chairman Jerome Powell made hawkish remarks last Friday about maintaining monetary policy “for some time.”and the S&P 500 has fallen 5.1% since then.
All sectors of the S&P 500 rosewith a advance of 1.6% of energy valuesas oil prices gained more than $2 a barrel before the meeting of the OPEC+ to discuss production cuts. Banks improved, led by a 2.9% rise in Bank of America.
Source: Ambito
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