US stocks rise as monthly jobs report eases some concerns over a hawkish Fed
- US stocks gained and oil climbed as traders digested August jobs numbers.
- Payrolls grew by 315,000 jobs last month, mostly in line with expectations.
US stocks climbed Friday as the monthly jobs report eased concerns that the Federal Reserve will continue with extra-aggressive rate hikes.
Payrolls grew by 315,000 in August, mostly in line with Wall Street expectations. That came as a relief after other data earlier in the week pointed to a tight labor market that could give the Fed more leeway to stay hawkish. Job openings rose more than expected, and jobless claims continued to drop.
"Despite the increase, the unemployment rate is still below what most FOMC members would equate with full employment, while both headline and core inflation remain far above their 2.0 percent target, despite signs that headline inflation is easing," said Richard F. Moody, chief economist at Regions Financial.
Stocks are still headed for weekly losses, with the Dow down 1.9% while the S&P 500 and Nasdaq are off by more than 2%.
Here's where US indexes stood as the market opened at 9:30 a.m. on Friday:
- S&P 500: 3,991.69, up 0.63%
- Dow Jones Industrial Average: 31,802.56, up 0.46% (146.14 points)
- Nasdaq Composite: 11,828.12, up 0.36%
It might be too early for investors turn defensive, according to a JPMorgan strategist who says the market is beginning to look less overvalued.
Elsewhere, a Russian lawmaker says Europe's energy crisis is self-inflicted and that leaders can remedy the situation by lifting sanction and restarting the Nord Stream 2 pipeline.
And in Germany, the shallow Rhine River is pushing power producers to warn that output could fall while coal becomes more difficult to obtain.
Oil rose considerably, with West Texas Intermediate up 2.81% to $89.10 a barrel. International benchmark Brent crude jumped 3.01% to $95.15.
Gold climbed 0.84% to $1,7120.62 an ounce. The 10-year yield fell 4.2 basis points to 3.225%.
Bitcoin was 1.93% higher at $20,362.43.