New Telegraph 
US stocks soared on Friday as investors welcomed a key monthly jobs report that showed hiring remains robust in the US economy. The Middle East crisis and a return to work at US ports also stayed in high focus. The S&P 500 (^GSPC) added 0.9 per cent, while the Dow Jones Industrial Average (^DJI) gained more than 300 points, or 0.8 per cent. The tech-heavy Nasdaq Composite (^IXIC) moved 1.2 per cent higher.
The September jobs report massively overshot expectations, as the US economy added 254,000 jobs last month and the unemployment rate dipped down to 4.1 per cent. All together, the report showed the labor market remains robust, even amid signs it has cooled. Yahoo Finance’s Josh Schafer has more details on the report here. The jobs data swung forecasts toward a smaller interest-rate cut from the Federal Reserve next month.
Nearly 99 per cent of bets are on a 25 basis point cut, as opposed to a larger 50 basis point cut, according to the CME FedWatch Tool. Stocks recouped their weekly losses, as the markets have shown some resilience in the face of a rough week of worrying headlines. The S&P 500 and Dow closed out weekly gains, both sitting within striking distance of their record highs. In recent days, a huge ports strike, devastation from Hurricane Helene, and the prospect of a wider Mideast conflict brought the potential to lift prices and fan inflation.
In a welcome move, the US dockworkers strike ended after a tentative wage deal was agreed late Thursday, though some issues remain to be settled by later this year. On the downside, a barrage of strikes by Israel on Beirut kept alive the Mideast worries that have driven up oil prices.
Western leaders warned about “uncontrollable escalation” as investors waited to see whether Israel will attack Iran’s oil facilities — a move President Biden said is under discussion. Oil saw its biggest weekly gain in a over a year amid the ongoing conflict between Israel and Iran. Brent (BZ=F) and West Texas Intermediate (CL=F) futures pared gains during Friday’s session after President Biden sought to discourage Israel from targeting Iranian oil fields.
