Stocks Finish Week Strong Despite Robust Labor Report

The Nasdaq also marked a triple-digit win, its best since late July

Deputy Editor
Oct 6, 2023 at 4:25 PM
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After a muted midday performance, Wall Street closed the week in style despite a stronger-than-expected jobs report that sent Treasury yields surging. The Dow pared early-morning losses to add 288 points. However, it wasn't enough to stop the blue-chip index from logging its third-straight weekly loss. 

The Nasdaq also marked a triple-digit win --it's best since July 29 -- for a second consecutive week of gains. The S&P 500 logged its best single-session digit gain since Aug. 29 to snap a four-week losing streak and close above the key 4,300 level.

  • Hotel stock boasts an tantalizing entry point.
  • Eye drug update brings bull notes for pharma stock.
  • Plus, FDA allegations; two sectors to watch this month; and next week's news.

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5 Things to Know Today

  1. Leaders of the European Union (EU) met today to discuss the complexity of the bloc's laws and the impact of potentially letting Ukraine finally join. (CNBC)
  2. The United Auto Workers (UAW) agreed to pause expansion of its strike following a "transformative win" at General Motors (GM), per union President Shawn Fain. (MarketWatch)
  3. Medical tech firm in hot water with the FDA.
  4. Keep an eye on these sectors this month.
  5. Inflation data isn't the only data coming up next week.

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Demand Worries Push Oil Prices Lower This Week

Oil futures notched a modest gain Friday, but shed 8.8% for the week amid an increase in gasoline inventories. For the session, crude for November delivery added 48 cents, or 0.6%, to settle at $82.79 per barrel.

Gold prices snapped a nine-day losing streak today, but were pressured lower this week by U.S. jobs data and interest rate fears. December-dated gold gained $13.40, or 0.7%, to close at $1,845.20 an ounce on the day, but lost 1.5% over the last five days.

 

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