US stocks closed higher on Friday, buoyed by a strong jobs report that signaled continued economic strength. The Dow Jones Industrial Average gained over 200 points, closing at 42,212.69, a 0.48% increase. The NASDAQ Composite Index also rose, gaining 0.65% to 18,034.35. The S&P 500 followed suit, climbing 0.50% to 5,728.62.
The positive market sentiment was largely driven by the robust jobs report released earlier in the day. The US economy added 254,000 jobs in September, surpassing market expectations of 147,000 and exceeding the revised figure of 159,000 for August. The unemployment rate also dipped to 4.1%, down from 4.2% in the previous month. This strong jobs data provided reassurance about the resilience of the US economy, despite concerns about rising interest rates and a potential economic slowdown.
Consumer discretionary shares were among the top performers, rising 1.2% on Friday. This sector benefited from the positive sentiment surrounding consumer spending, which is often influenced by employment levels and economic confidence. On the other hand, real estate shares experienced a slight dip, falling 0.9% in Friday’s trading.
Among individual stocks, Phoenix Motor Inc. (PEV) saw a dramatic surge of 118% to $0.7536 after the company reported strong first-quarter results. Forward Industries, Inc. (FORD) also saw its shares climb significantly, gaining 65% to $5.84. Beneficient (BENF) shares rose 55% to $1.85 after the company announced a major transaction involving its subsidiary, Beneficient Company Holdings.
Conversely, some stocks experienced declines. Color Star Technology Co., Ltd. (ADD) shares dropped 28% to $0.3237, continuing a downward trend from Thursday. Upexi, Inc. (UPXI) shares fell 27% to $2.34 after the company reported disappointing third-quarter sales results and issued a lower-than-expected earnings guidance. Spirit Airlines, Inc. (SAVE) also faced a significant downturn, losing 27% to $1.63, following reports that the company might be exploring bankruptcy.
In the commodities market, oil prices rose 0.9% to $74.34, while gold prices dipped 0.4% to $2,669.20. Silver prices also declined, falling 0.6% to $32.255. Copper prices, on the other hand, climbed 1.1% to $4.6025.
Across the Atlantic, European shares were mostly higher. The eurozone’s STOXX 600 gained 0.4%, while Germany’s DAX rose 0.6% and France’s CAC 40 climbed 1.1%. Spain’s IBEX 35 Index saw a slight increase of 0.1%, and London’s FTSE 100 also rose 0.1%. Construction activity in the UK showed a positive trend, with the S&P Global UK construction PMI jumping to 57.2 in September from 53.6 in the previous month. However, construction PMI in France declined to 37.9 in September from 40.1 in the earlier month. The HCOB Eurozone construction PMI climbed to 42.1 in September, compared to 41.4 in the previous two months.
In Asia Pacific, markets closed mixed. Japan’s Nikkei 225 gained 0.22%, while Hong Kong’s Hang Seng Index rose 2.82%. India’s BSE Sensex dipped 0.98%. The HSBC India services PMI was revised downward to 57.7 in September from a preliminary reading of 58.9. The S&P Global Hong Kong SAR PMI surged to 50.0 in September, compared to August’s reading of 49.4.
