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U.S. stocks rose on Friday after the release of strong March jobs data.
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The U.S. economy added 303,000 jobs last month, far more than economists expected.
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Investors are keeping an eye on whether the strong jobs report will delay the Fed’s interest rate cuts.
U.S. stocks rose on Friday as investors reacted to a strong March jobs report and weighed whether a resilient economy will force the Federal Reserve to hold off on cutting interest rates.
The U.S. economy added 303,000 jobs in March, significantly higher than the 212,000 expected by economists. This report reduced the unemployment rate from 3.9% to 3.8%.
Most of the hiring last month was in the leisure and hospitality industry, government and health care.
“The Fed’s position is that the strong 303,000-job gain in nonfarm payrolls in March means the economy’s resilience means it can lower interest rates over time,” said Paul Ashworth, an economist at Capital Economics. This confirms that.”
This echoes comments from Federal Reserve President Neel Kashkari yesterday who said there may be no reason to cut rates this year.
“If you have very attractive occupancy rates, people have jobs, businesses are doing well and inflation is falling again, why do anything at all?” Kashkari said. Told.
Here are the U.S. indices immediately after the 9:30 a.m. opening bell on Friday:
Here’s what else is happening today:
In Commodities, Fixed Income and Cryptocurrencies:
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West Texas Intermediate crude oil rose 0.52% to $87.04 a barrel. Brent crude oil, the international standard, rose 0.66% to $91.25 per barrel.
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Gold rose 0.40% to $2,315.90 per ounce.
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The yield on the 10-year U.S. Treasury rose 6 basis points to 4.38%.
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Bitcoin fell 2.25% to $66,979.
Read the original article on Business Insider
