Stock Market on Pace for Winning Week
The stock market was on track to mark another week of gains as bond yields continued to pull back following a cooler than execptected April jobs report.
The Dow Jones Industrial Average was up 440 points, or 1.2%. The S&P 500 was up 1.2%. The Nasdaq Composite was up 2%.
The big three indexes were on track to all close 1% higher on the same day for the first time since Feb. 22, according to Dow Jones Market Data.
The 2-year Treasury yield was down to 4.822%, while the 10-year yield was down to 4.518%. Both yields traded even lower after the Labor Department said the U.S. added 175,000 jobs in April, well below expectations. Wage growth also moderated more than expected.
Odds of at least one interest rate cut through September rose to 66.1% from 61.6% on Friday, according to the CME FedWatch Tool. Odds of 50 basis points in cuts through September were up to 16.8% from 14.7%.
Aside from the jobs report, Apple stock jumped on earnings while Amgen stock surged on an update on its injectable obesity drug. Those stocks accounted for a large chunk of the Dow’s gains.