Confused reaction on Wall Street following weak jobs report | national news

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“The lack of jobs is not pretty – there is no way around it,” said Mike Loewengart, managing director of investment strategy at E-Trade Financial, in a statement. “And many may think that will cause the Fed to pause in terms of the reduction strategy. But the jury is out on how the market will interpret the data.”

Below the surface, the numbers don’t offer much clarity. The unemployment rate fell to 4.8% from 5.1%, and average wages rose a little faster than expected compared to August, while 610,000 jobs were lost in production and manufacturing. transport.

This last point suggests to Jack Ablin, chief investment officer at Cresset Capital, that the dysfunction of global supply chains is not improving. Such supply problems have helped to spike the prices of everything from automobiles to food, with inflation rates at their highest level in more than a decade.

Rising energy prices also contributed to inflation, and benchmark US crude climbed 2% to $ 79.89 per barrel. This helped propel energy stocks in the S&P 500 to a gain of 2.1%, by far the largest among the 11 sectors that make up the index.

Exxon Mobil rose 2% and Pioneer Natural Resources climbed 3%.

Friday’s choppy trading continues an already volatile run since the S&P 500 hit its last record on September 2.


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