U.S. stocks continued to see gains up until the market closed on Thursday after the Department of Labor's September jobs report showed the unemployment rate fell to a five-decade low. The S&P 500 Index and the Dow Jones Industrial Average closed with their best sessions in several weeks.
Here's how the U.S. stock market closed after a long week of trading:
Dow Jones Industrial Average (DIA): +1.42% or 372.68 points
S&P 500 Index (SPY): +1.42% or 41.38 points
NASDAQ Composite Index (QQQ): +1.4% or 110.12 points
Friday's U.S. jobs report saw August's payroll additions revised to 168,000, up from the previously reported 130,000. The unemployment rate fell to a low of 3.5%, which is the lowest reading since December 1969. Despite mostly positive readings from the jobs report, there were still signs of negative or slow economic growth. Hourly wages only increased 2.9% in September, a lower percentage than the expectations of an increase of 3.2% to match August's rate.
Friday afternoon, Federal Reserve Chairman Jerome Powell delivered a public address where he said that the economy has some risks ahead, but is still overall in a good place. Powell stated that, "while we believe our strategy and tools have been and remain effective, the U.S. economy, like other advanced economies around the world, is facing some longer-term challenges--from low growth, low inflation, and low interest rates."
In U.S. sector news, all sectors remain in the green Friday with all industries benefiting from the mostly positive jobs report impact on trading. Investors also predict a lower interest rates future from the Federal Reserve based on Powell's speech today and the market's recent actions.
In oil news, oil prices increased today due to the easing of some financial market concerns of a global economic slowdown damaging oil demand. Brent crude futures rose to $58.23 a barrel and West Texas Intermediate crude futures saw a 0.7% change, now resting at $52.81 per barrel. Though there have been gains towards the end of this week, crude still posted its second consecutive weekly loss.