![]() "I don't think the market quite knows how to gauge this employment number versus what the Fed signaled on Wednesday." "You see kind of a tale of two cities today," said Anthony Saglimbene, chief market strategist at Ameriprise Financial. Others interpreted the findings as a sign that the labor market is beginning to cool - albeit at a slow pace - since the unemployment rate rose to 3.7%. October's nonfarm payrolls report on Friday left investors divided, fueling some concern that the Fed will persist with its hiking campaign since the labor market added 261,000 jobs. The S&P and Nasdaq fell 3.35% and 5.65%, respectively, to break two-week winning streaks. The Dow shed 1.4%, ending four weeks of gains. ![]() The S&P 500 advanced 1.36% to settle at 3,770.55, and the Nasdaq Composite rose 1.28% to finish at 10,475.25.Īll the major averages capped off the week with losses. The Dow Jones Industrial Average gained 401.97 points, or 1.26%, to close at 32,403.22. ![]() Stocks rallied on Friday, but finished the week lower, as investors drew conflicting conclusions about what the latest payroll numbers mean for future Federal Reserve rate hikes.
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