The Dow was little changed on Friday, notching a winning week, as optimism about a short-term debt ceiling deal trumped a disappointing jobs report. The Dow dipped 0.02%. The S&P 500 fell 0.19%. The Nasdaq was down 0.51%.
, which explains the gyrations in stocks following the release. The headline number was a major disappointment as the economy added just 194,000 jobs in September, well below the Dow Jones estimate of 500,000, the Labor Department reported.
On the positive side, the unemployment rate itself fell to a much lower point than economists forecast. At 4.8%, that's the same level seen in late 2016. Plus, August's jobs report miss was also revised up to 366,000 compared to the initial read of 235,000. A bleaker labor picture could stall the Federal Reserve, as it prepares to slow its $120 billion-per-month bond-buying program.
"This jobs number could call into question the starting point for taper late this year," said Jamie Cox, Managing Partner for Harris Financial Group. "There are lots of positives in the report, like an uptick in average hourly earnings, but not enough to sugar coat the fact the employment picture remains murky with all the Covid related cross currents.". That was lower than the 345,000 economists had been calling for. Continuing claims, meanwhile, declined by 97,000 to 2.
Stocks are coming off a volatile week but the major averages weren't derailed by the debt ceiling debacle. Stocks advanced during
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