Investing.com – Stocks enjoyed their best day since early September Friday as Wall Street was cheered by a solid that saw the hit a milestone low.
The and the jumped 1.42% each. The and indices added 1.4% and 1.5%, respectively.
The S&P 500’s point gain was its best since Aug. 13. The gains for the – about 372 points – and Nasdaq were their best since Sept. 5. The rally cut the Dow’s and S&P 500’s losses for the week to 0.9% and 0.3%, respectively. The Nasdaq finished up 0.5% for the week.
The market managed to weather selloffs on Tuesday and Wednesday that saw the Dow fall more than 838 points. From a low on Thursday as the market reacted to a weaker-than-expected report on the report, the Dow gained more than 847 points at its Friday peak.
The rally was largely computer-driven: The uniformity of the gains and the speed with which they occurred was a clear signal of across-the-board blanket buying.
The rally was set off by that showed payrolls increasing by 136,000 last month and the unemployment rate falling to 3.5%, the lowest in at least 50 years. Bullish as the report sounds, the employment gain was smaller than expected and fell back slightly.
Still, the jobs report was a big relief after early reports this past week suggested a stagnating economy getting close to a recession.
The was led by a 2.8% gain for Apple (NASDAQ:) and a 2.73% gain for pharmaceutical giant Merck (NYSE:). Chemical maker Dow Inc. (NYSE:) was the one decliner for most of the day but finally finished up slightly.
Among the stocks, Apple (NASDAQ:) and Microsoft (NASDAQ:), along with Google parent Alphabet (NASDAQ:) and Amazon.com (NASDAQ:), contributed more than 47 points to the index’s 116-point gain.