The Dow Jones Industrial Average closed at 26,573.72 on Friday with a gain of 372.68 points or 1.42%. The S&P 500 closed at 2,952.01 for a gain of 41.38 points or 1.42%. The Nasdaq Composite closed at 7,982.47 for a gain of 110.21 points or 1.40%. The VIX Volatility Index was lower at 17.07 for a loss of 2.05 points or -10.72%.
For the week, the Nasdaq gained 0.5% while the S&P was down 0.3% and the Dow Jones fell 0.9%. For the year, the Nasdaq is up 20.3%, the S&P 500 is up 17.8% and the Dow Jones is up 12.3%.
Friday’s market movers
U.S. indexes closed higher Friday after a volatile start to the month of October. Friday’s gains were fueled by a stable jobs report showing new payrolls of 136,000, just below the consensus estimate of 145,000. The unemployment rate fell to its lowest reading since December 1969 at 3.5%. The modest payroll gains add to the uncertainty over another Federal Reserve rate cut later in October, which many investors believe will occur after signals in both the manufacturing and services sectors caused concerns this week.
Economic reports affecting market trading included the following:
The Bureau of Labor Statistics’ September Employment Situation report showed nonfarm payrolls increasing by 136,000, following an increase of 168,000 and just below estimates of 145,000. The unemployment rate decreased to 3.5% from 3.7%. Details of the Employment Situation report showed the following: average hourly earnings unchanged for the month and up 2.9% year over year, average weekly hours unchanged, the participation rate unchanged at 63.2%, nonfarm private payrolls up 114,000, manufacturing payrolls down 2,000 and government payrolls up 22,000. The Balance of Trade report showed a deficit of $54.9 billion in August following a deficit of $54 billion. Exports were $207.9