The Dow surged over 700 points mid-afternoon Friday as investors applauded Congress’s passage of the debt ceiling deal and celebrated a cheerful jobs report
The blue-chip index soared 734 points, or 2.2%, putting it on track for the best daily gain since November 2022. The S&P 500 gained 1.6% and the Nasdaq Composite rose 1.2%. All three major indexes are on pace to gain for the week, with the Dow and S&P 500 headed for their best weeks since March. The Nasdaq is on track to notch its sixth consecutive week up.
“Moving past the debt ceiling and receiving somewhat of a goldilocks employment report — solid jobs with slowing wage growth and a higher unemployment report — has provided a one-two punch that has boosted confidence of investors who were sidelined and allayed some near-term recession concerns,” wrote Keith Lerner, co-chief investment officer at Truist Advisory Services.
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