Major US stocks soared after the opening bell on Friday, October 2 as benchmark yield retreated following a weak jobs data.
Nasdaq Composite advanced 1.24% to 27,205, S&P 500 surged 0.82% to 7,729, while Dow Jones Industrial Average rose 0.61% to 51,236 by 10:25 am ET or 7:05 pm IST.
The rally in US stocks came after jobs data revealed that teh US economy added fewer jobs than expected in September and wage growth slowed amid rising costs. Nonfarm payrolls rose 29,000 in the previous month after a downward revision to the last two months, according to Bureau of Labor Statistics data out Friday. The unemployment rate rose to 4.2%.
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US Treasury Yields dropped on Friday as the 10-year yield fell more than five basis to 5.17%. The two-year yield slipped over three basis points to 4.75%.
Meanwhile, tech stocks surged, with shares of Nvidia, CrowdStrike, Palo Alto Networks and AMD hit all-time highs. Intel and AMD shares also climbed more than 3%.
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