Wall Street experienced a surge on Friday, fueled by a positive jobs report and an improved market sentiment. The Dow Jones Industrial Average gained over 300 points, propelled by the news that the U.S. economy added 254,000 jobs in September, surpassing analysts’ forecasts and indicating a robust labor market. The unemployment rate also dropped to 4.1%, further solidifying the positive economic outlook.
This positive news resonated with investors, driving the CNN Money Fear & Greed Index further into the ‘Greed’ zone, reflecting a heightened level of optimism. The index currently stands at 73.7, indicating a strong bullish sentiment. Notably, shares of Tesla, Amazon, and Netflix all saw gains on Friday.
Adding to the positive momentum, Apogee Enterprises, Inc. witnessed a substantial 23% jump in share price after reporting better-than-expected second-quarter financial results and raising its FY25 adjusted EPS guidance. The majority of sectors within the S&P 500 closed on a positive note, with consumer discretionary, financials, and communication services stocks leading the charge. However, real estate and utilities stocks bucked the trend, closing the session in the red.
The Dow Jones closed at 42,352.75, up around 341 points. The S&P 500 climbed 0.90% to 5,751.07, while the Nasdaq Composite rose 1.22%, ending the session at 18,137.85. Investors are now looking ahead to earnings results from The Duckhorn Portfolio, Inc., due out today.
The CNN Money Fear & Greed Index, a gauge of market sentiment, is calculated using seven equal-weighted indicators. The index ranges from 0 to 100, with 0 representing extreme fear and 100 representing maximum greed. A higher fear level typically exerts pressure on stock prices, while higher greed has the opposite effect.
