U.S. stocks made gained Friday, ending a week of losses after the Federal Reserve hiked interest rates and a government report showed the labor market remaining tight.
The Dow Jones Industrial Average rose 401.97 points, or 1.26%, to close at 32,403.22. The S&P 500 rose 150.65 points, or 1.36%, to close at 3,770.55, and the Nasdaq Composite rose 132.31 points, or 1.28%, to close at 10,475.25.
The central bank raised interest rates 0.75% on Wednesday, the seventh hike of the year and the fourth consecutive one at that rate. Fed chairman Jerome Powell indicated more rate increases were likely to stifle inflation, which remains at a four-decade high.
A jobs report Friday showed 261,000 non-farm jobs added in October and unemployment at 3.7%, a historic low.
Some of the tech stocks that rose included Alphabet (GOOG), which closed at $86.70, up $3.21, or 3.84%. Meta Platform’s (META) price of shares rose $1.88, or 2.11%, to close at $90.79.
“You see kind of a tale of two cities today,” Anthony Saglimbene, chief market strategist at Ameriprise Financial, told CNBC. “I don’t think the market quite knows how to gauge this employment number versus what the Fed signaled on Wednesday.”