The Dow Jones Industrial Average soared 552 points, or 1.7%, to 33,483, the S&P 500 climbed 1.7% and the Nasdaq was up 1.6%.
The Dow Jones Industrial Average soared 552 points, or 1.7%, to 33,483, the S&P 500 climbed 1.7% and the Nasdaq was up 1.6%.in December, data from the Labor Department showed, while a 0.3% rise in average earnings was smaller than expected and lower than the previous month.
“Fed will look at these numbers and say the labor market is still pretty robust,” said Richard Flax, chief investment officer at Moneyfarm. Another set of data showed US services activity contracted for the first time in more than 2-1/2 years in December amid weakening demand, with more signs of inflation abating.Big technology and other growth stocks such as Microsoft, Apple and Meta Platforms rose between 0.5% and 2.%, helped by a decline in the 10-year US Treasury yield.
A resilient labor market has powered the economy through consumer spending, but could prompt the Fed to lift its target interest rate above the 5.1% peak it had projected last month and keep it there for a while. showed that the central bank was laser-focused on fighting inflation even as officials agreed to slow the pace of rate hikes to limit risks to economic growth.
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