Stocks jumped Friday to finish their best week of the year, as continued strength in earnings reports extended the tech-led rebound from the January rout. The Dow dipped 0.06%. The S&P 500 rose 0.52%. The Nasdaq gained 1.58%.
in payrolls. Economists polled by Dow Jones had expected a minor gain of 150,000, and some economists predicted a large decrease. Economists had cautioned before the report that it could be noisy because of an omicron wave hitting while the survey was taking place.
"For markets, the jobs report is all about the Fed, and today's upside surprises in both job creation and wage growth keep the Fed on track to begin raising rates in March and hike four or more times this year," said Barry Gilbert, asset allocation strategist at LPL Financial. The benchmark yield has jumped from 1.51% at the end of 2021, as the Federal Reserve pivoted to more aggressively fight inflation, signaling it would slow down its bond buying and raise rates several times this year. Higher rates have weighed on stocks, especially tech shares with high valuations. The S&P 500 is down more than 5% this year.
Wall Street was coming off a horrid session in which a plunge in Meta shares dragged megacap tech stocks lower. Meta shares suffered their worst day ever on Thursday, dropping 26.4%
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