Trader Leon Montana works on the floor of the New York Stock Exchange.
AP Photo/Richard Drew
The disappointing November jobs report raised investor hopes that the Federal Reserve will reduce its bond purchases at a slower pace.
The S&P 500 rose after the Labor Department's monthly report. The stock market gained ground after the Dow Jones Industrial Average jumped 618 points Thursday.
The US indexes were at 9:30 a.m. The doors will be open on Friday.
The US nonfarm payrolls grew by 210,000 last month, which was much less than the 550,000 jobs that economists surveyed by Bloomberg expected.
October's revised gain of 546,000 was the reason for the reading. The fall's job growth was expected to continue in November after the Delta coronavirus variant hammered hiring through the summer.
The new Omicron coronaviruses variant and the ongoing supply-chain crisis were new challenges that stood in the way of blockbuster gains.
Jay Pestrichelli, CEO of ZEGA Financial, an investment firm, said that Friday's weaker-than- expected jobs report may stoke fears of a possible bout of inflation and slower economic growth. "Rising inflation may force the Fed's hand faster than anticipated."
The stock market has been whipsawed this week as investors try to assess the threat of Omicron. Many economies have called for tighter travel restrictions in the wake of the variant. There have been 10 Omicron cases in the US.
"If the economy continues to expand and inflation can be kept under control, this will be good for the stock market and bad for the bond market," said Chris. One of the two markets is mispriced because of the disagreement between them.
The yield on the 10-year Treasury note increased from Thursday to Friday. Bond yields move with prices.
The electronic signature platform fell as much as 32.5% after it issued downbeat fourth-quarter guidance, despite reporting earnings that beat expectations.
Didi Global said it will delist its shares in the US in order to comply with Beijing authorities. This includes e-commerce giant Alibaba.
As traders took comfort from a signal from the world's largest oil exporters that they will adjust their output if the threat to demand from the Omicron variant grows, crude oil rebounded sharply.
The price of West Texas Intermediate crude oil rose as much as 3.10%. The international benchmark for oil, called Brent crude, jumped as much as 3.15%.
The price of gold fell to $1,772.40 per ounce.
Business Insider has an original article.
