{"id":80740,"date":"2023-11-04T19:50:24","date_gmt":"2023-11-04T23:50:24","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/stock-market-today-dow-in-biggest-weekly-gain-of-2023-as-monthly-job-gains-slow\/"},"modified":"2023-11-04T19:50:28","modified_gmt":"2023-11-04T23:50:28","slug":"stock-market-today-dow-in-biggest-weekly-gain-of-2023-as-monthly-job-gains-slow","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=80740","title":{"rendered":"Stock Market Today: Dow in biggest weekly gain of 2023 as monthly job gains slow"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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Investing.com — The Dow closed higher Friday, wrapping up the week with its biggest weekly gain this year\u00a0as a weaker-than-expected jobs report stoked hopes that Federal Reserve rate hikes are now in the rearview mirror, pushing Treasury yields sharply lower.<\/p>\n

At 4:00pm ET (20:00 GMT), the was up 222 points or 0.7%,\u00a0while the was up 0.9% and the was up 1.4%.<\/p>\n

The blue chip Dow ended up 5.1% for the week, notching its best week since October 2022. The broad-based S&P is up 5.9% this week and the tech-heavy Nasdaq 6.6%.<\/p>\n

Softer October jobs report bolsters expectations of Fed pause\u00a0<\/h2>\n

The economy added 150,000 jobs in October, less than the 180,000 expected and down from 336,000 in September. The ticked higher to 3.9% from 3.8%, while rose 0.2%, below expectations.<\/p>\n

The fewer-than-expected jobs created in October and easing wage pressures stoked investor expectations the the Fed is unlikely to deliver another rate hike this year.\u00a0<\/p>\n

“Given Powell’s dovish tone at the FOMC meeting this past week and the softness of this data, it is hard to see how the Fed might hike again in December. It is very likely that we already saw the final hike for this cycle in July,” Jefferies said in a note.<\/p>\n

Treasury yields slumped, with the yield on the falling 14 basis points to 4.837%, while the slipped 11 basis points to 4.559%.\u00a0<\/p>\n

Apple disappoints with holiday quarter forecast<\/h2>\n

Apple Inc (NASDAQ:) cut the bulk of losses to end the day 0.5% lower after the tech giant forecast weaker-than-expected sales for the current key holiday quarter, blaming weak demand for iPads and wearables, especially in the key market of China.<\/p>\n

The California company flagged that revenue in its December quarter — typically one of its largest due to holiday shopping — would be in line with the corresponding time frame last year. However, the quarter will be one week shorter.<\/p>\n

Burger King and Tim Horton’s parent Restaurant Brands (NYSE:) beat expectations on profit but missed on revenue, and same store sales for Burger King were lower than expected, sending its shares nearly 2% lower. Movie theater operator Cinemark (NYSE:) beat Wall Street expectations, but shares fell 2%.\u00a0<\/p>\n

Oil falls to hefty weekly loss<\/h2>\n

Oil prices fell Friday to second-straight weekly loss, pressured by easing fears of supply disruptions in the Middle East as concerns cooled about a wider conflict in the region amid a lack of escalation in the Israel-Hamas war.<\/p>\n

Meanwhile, recent data out of China has underscored the uncertain demand outlook in the world’s top importer, adding further pressure on demand.\u00a0<\/p>\n

Energy stocks fell 1% on the day, paced by declines in Marathon Petroleum (NYSE:), Marathon Oil <\/span><\/span> Corporation (NYSE:), and ConocoPhillips (NYSE:).\u00a0\u00a0<\/p>\n

(Liz Moyer, Peter Nurse and Oliver Gray contributed to this item.)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Investing.com — The Dow closed higher Friday, wrapping up the week with its biggest weekly gain this year\u00a0as a weaker-than-expected jobs report stoked hopes that Federal Reserve rate hikes are now in the rearview mirror, pushing Treasury yields sharply lower. At 4:00pm ET (20:00 GMT), the was up 222 points or 0.7%,\u00a0while the […]<\/p>\n","protected":false},"author":1,"featured_media":49405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-80740","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nStock Market Today: Dow in biggest weekly gain of 2023 as monthly job gains slow | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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