Stock market today: Stocks climb after jobs report's massive beat, unemployment rate dip

Published On Oct 4, 2024, 9:30 AM

On Friday, stock markets rallied following a much better-than-expected jobs report, which revealed the U.S. economy added 254,000 jobs in September and the unemployment rate fell to 4.1%. This positive data suggests that the labor market remains strong despite some signs of cooling. The report has shifted expectations regarding future interest rate cuts by the Federal Reserve, with most investors now anticipating a smaller cut next month. Additionally, the recent resolution of a dockworkers' strike and rising tensions in the Middle East, particularly with Israel's military actions, influenced market sentiment and oil prices. Brent and West Texas Intermediate crude saw significant price increases, on track for their largest weekly gain in two years due to geopolitical tensions.