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Stocks rebounded Friday following the Dow Jones Industrial Average’s worst session in more than a year as traders cheered a stronger-than-expected jobs report and looked past a jump in rates.
The blue-chip index recovered 307.06 points to 38,904.04.
The S&P 500 hiked 57.13 points, or 1.1%, to 5,204.34.
The NASDAQ hiked 199.44 points, or 1.2%, to 16,248.52.
Despite Friday’s rebound, all three indexes posted a losing week. The Dow slid 2.3%, posting its worst week in 2024. The S&P 500 declined 0.95% week to date, while the NASDAQ lost 0.8%.
Job growth totaled 303,000 in March, which was better than expected, while the unemployment rate came in at 3.8% for the month, as expected. Nonfarm payrolls were expected to increase by 200,000, according to Dow Jones estimates. Wages rose 0.3% for the month and 4.1% from a year ago, both in line with estimates.
Prices for the 10-year Treasury sagged, boosting yields to 4.4% from Thursday’s 4.31%. Treasury prices and yields move in opposite directions.
Oil prices picked up eight cents to $86.67 U.S. a barrel.
Gold prices hesitated $33.50 to $2,342.00 U.S. an ounce.
