by Caroline Valetkevitch
NEW YORK (Reuters) – The New York Stock Exchange ended higher on Friday, driven by technology stocks, as investors assessed the monthly employment report in the United States.
The Dow Jones index gained 0.87%, or 288.01 points, to 33,407.58 points.
The broader S&P-500 gained 50.31 points, 1.18%, to 4,308.50 points.
The Nasdaq Composite advanced 211.51 points (1.60%) to 13,431.34 points.
The release of the Labor Department’s monthly employment report, which showed that the US economy created significantly more jobs than expected in September and that wage growth had stabilized, was initially destabilized the markets.
“There is an economy that is slowing, but not weakening, and the Federal Reserve remains on the sidelines,” said Robert Pavlik, portfolio manager at Dakota Wealth.
Market observers are now wondering about the future of the US Federal Reserve’s policy regarding interest rate hikes.
Investors are now awaiting the release of consumer price and producer price statistics, scheduled for next week.
They also have in mind the quarterly results season, which begins next week.
Among the major S&P-500 sectors, communications technology and services posted the biggest gains of the day.
In stocks, Exxonn Mobil finished in the red after sources told Reuters that the group was in advanced discussions to acquire Pioneer Natural Resources.
( Camille Raynaud)
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