Wall Street followed global markets higher Friday with strong U.S. jobs data boosting shares, the Associated Press reports. Futures for the Dow and S&P 500 each rose about 0.4% before the bell.
The strong job market, along with consumer spending, has so far helped thwart a recession that analysts expected at some point in 2023; it’s also made the Federal Reserve’s task of taming inflation more difficult by fueling wage and price increases.
Market jitters over the possibility that the Federal Reserve might have to keep interest rates higher for longer — following reports showing the U.S. economy remains remarkably resilient — led to the market’s pullback in August after what had been a banner year.
Broadcom shares slid close to 4% after the chipmaker posted earnings that beat forecasts but left investors lukewarm about the near term.
Walgreens Boots Alliance ticked down less than 1% after the company announced that CEO Rosalind Brewer was stepping down at the end of the month and that Ginger Graham would take over as interim CEO.
Oil prices climbed again as production cuts by major producers continue to prop up the market. Benchmark U.S. crude rose 96 cents to $84.59 a barrel. Brent crude, the international standard, added $1 to $87.83 a barrel. U.S crude is up 6% this week.
In currency trading, the U.S. dollar edged down to 145.38 Japanese yen from 145.52 yen.
