All three averages posted gains for the week, with both the benchmark S&P and Nasdaq ending four declines.
US nonfarm payrolls added 223,000 jobs in Decemberaccording to Labor Department data, while the 0.3% increase in median earnings was lower than expected and down from 0.4% the previous month.
In another data set, Activity in US services fell in December for the first time in more than two and a half years, as demand weakened, and with further signs of easing inflation.
“We have good news on the inflation front, with a slowdown in wage increases. Participation rates are up again and we continue to create jobs. The economy is gaining. On the other hand, the ISM services report was very weak in overall,” said Megan Horneman, chief investment officer at Verdence Capital Management.
“This suggests that the Federal Reserve is nearing the end of what has been one of the most aggressive tightening cycles in decades. That’s why the markets are taking off.”he added.
Next week, several of the largest US banks, including JPMorgan and Bank of America, will kick off their fourth quarter earnings season.
Source: Ambito
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