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Global markets rise as slowing U.S. job growth causes Treasury yields to fall

Wall Street.

U.S. stocks closed higher on Friday as bond yields fell sharply after data showed signs of slowing U.S. job growth and rising unemployment.

The Dow Jones Industrial Average rose 222.24 points, or 0.66 percent, to 34,061.32, while the Standard & Poor’s 500 Index gained 40.56 points, or 0.94 percent, to 4,358.34. The Nasdaq Composite Index closed up 184.09 points, or 1.38%, at 13,478.28.

For the week, the S&P 500 rose 5.9% and the Nasdaq gained 6.6%, its biggest gains since November 2022. The Dow Jones gained 5.1% for the week, its biggest gain since late October 2022.

U.S. employment data

U.S. job growth slowed in October, with annual wage growth the smallest in nearly 2 1/2 years, signaling a slowdown in labor market conditions.

Global markets rise as slowing U.S. job growth causes Treasury yields to fall

The U.S. Labor Department’s much-anticipated jobs report released Friday also showed the unemployment rate rose to 3.9 percent last month, the highest level since January 2022, from 3.8 percent in September.

The U.S. Labor Department’s Bureau of Labor Statistics said nonfarm payrolls rose by 150,000 last month after increasing by 297,000 in September. Economists polled by Reuters had previously forecast an increase of 180,000 jobs.

Other markets

European stock markets closed mixed on Friday. The Pan-European Stoxx 600 index rose 0.17%. Britain’s FTSE 100 index fell 0.39%, Germany’s DAX index rose 0.30%, and France’s CAC 40 index fell 0.19%.

In Asia, Japan’s Nikkei 225 Index rose 1.10%, Hong Kong’s Hang Seng Index gained 2.52%, and China’s Shanghai Composite Index rose 0.71%.

On Friday, the U.S. dollar fell to a six-week low and the yield on the benchmark 10-year U.S. Treasury note fell to a five-week low.

Crude oil prices closed more than 2% lower as geopolitical risk premiums waned. Brent crude fell 2.26% to close at $84.89 per barrel, while U.S. West Texas Intermediate fell 2.36% to close at $80.51 per barrel.

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