US stocks rally as the solid March jobs report points to the Fed staying aggressive with rate hikes

The March jobs report underscored expectations for the Federal Reserve to be aggressive in raising interest rates to tame hot inflation.

The S&P 500 fluctuated in and out of positive territory late in the session before closing with a moderate gain. The US economy added 431,000 jobs in March, below the forecast of 490,000, but February figures were upwardly revised to 750,000. The world's largest economy has recovered most of the jobs it lost at the start of the coronaviruses.

Bill Northey, senior investment director at U.S. Bank Wealth Management, said in a note to Insider that the labor report was in line with expectations and will do little to discourage the Federal Reserve from pursuing tighter monetary policy.

On a year-over-year basis, wages continue to rise. The Federal Reserve will use this as an additional input to address more durable levels of inflation. Consumer price inflation is close to 8%.

The US indexes were at 4:00 p.m. on Friday.

As the labor market looks healthy enough for now to take on higher borrowing rates, bond yields rose as investors continued to price in expectations for the Fed to deliver big rate hikes. At some of its meetings this year, the Fed could raise interest rates by 50 basis points.

The 2-year yield charged up 13 basis points to a high of 2.469%, which is the most sensitive rate to Fed policy.

The yield curve inverted again after briefly flipping earlier in the week, as the 2-year yield overtook the 10-year yield.

Beijing is considering giving US accounting firms access to their financials to prevent the delisting of Chinese stocks.

Russia is expected to rake in $321 billion from energy exports this year as trade partners continue buying its oil and gas.

The dollar is at risk of losing its dominance and could end up being a lesser player like the UK pound, according to Goldman.

The SEC said that platforms that hold customers must treat them as their own assets and liabilities.

President Joe Biden announced releases from the Strategic Petroleum Reserve. The price of West Texas Intermediate crude declined. The international benchmark for crude oil lost 4.8% at $104.55.

The price of gold fell to $1,927.70 per ounce. The price of the digital currency rose 1.9% to $46,380.87.