Broader Averages Retained Upward Bias After Jobs Report

Barry Adams
04 Nov, 2022
New York City

Stocks jumped in early trading after employers expanded payrolls in October but bond yields traded near recent highs. 

Non-farm payrolls increased 261,000 in October from the revised 315,000 in September, according to the monthly jobs report from the U.S. Bureau of Labor Statistics Friday. 

Healthcare, professional and technical services and manufacturing expanded led the payroll expansion in the month. 

A separate survey by the department showed unemployment rate increased to 3.7% in October from a 29-month low of 3.5% in September, 

Resources stocks led the gainers after oil jumped more than 4% and gold advanced from the recent lows.   

The S&P 500 index traded down 0.2% to 3,711.96 and the Nasdaq Composite index fell 0.4% to 10,297.27. 

Crude oil increased $3.50 t0 $91.65 a barrel and natural gas eased 2 cents to $5.98 a thermal unit. 

Gold jumped 2.6% or $43.31 to !,672.24 an ounce and silver soared 6.2% or $1.20 to $20.66 an ounce. 

The yield on 2-year Treasury notes increased to 4.67%, 10-year Treasury note jumped to 4.13% and 30-year Treasury bonds edged up to 4.20%. 

 

European Markets Soar On Earnings 

European markets soared after investors focused on domestic earnings and shrugged off worries of rising rates, supply chain difficulties and looming recession. 

The DAX index soared 3.1% to 13,528.64, the CAC-40 index advanced 3.5% to 6,459.83 and the FTSE 100 index increased 2.5% to 7,363.28. 

The euro held steady at 99.29 U.S. cents and the British pound traded near $1.13.  

Brent crude gained $3.40 to $98.14 and TTF natural gas rose 4.8% to 119.40 euros a MWh. 

Energy and metals stocks led the gainers after crude oil prices jumped 4% and natural gas prices soared 6%. 

Anglo America, Antofagasta, BHP Group and Rio Tinto led gainers and soared between 5% and 10%. 

Societe Generale SA jumped as much as 5% after the French bank reported weaker third quarter profit on rising revenues despite the challenging economic environment. 

Telefonica SA increased 3% to