Dow Jumps Over 300 Points as US Economy Adds 29,000 Jobs
The US stock market ended the week on a high note, with the Dow Jones index surging over 300 points on Friday. The Dow traded up 0.63% to 51,246.54 while the NASDAQ jumped 1.74% to 27,338.20. The S&P 500 also rose, gaining 1.07% to 7,748.68.
Consumer discretionary shares were a standout performer, jumping by 1.9%. Energy stocks, however, fell by 1.1% in trading on Friday.
The US economy added 29,000 nonfarm payrolls in September, which was well below the 90,000 economists had expected, according to the Bureau of Labor Statistics. The unemployment rate came in at 4.2%, above the 4.1% consensus. Average hourly earnings rose 0.1% month over month and 3% year over year.
Several stocks with ties to cryptocurrency saw significant price movements on Friday. Alpha Modus Holdings Inc (NASDAQ:AMOD) shares shot up 226% after the company announced a bitcoin-funded private placement, while Stablecoin Development Corp (NYSE:SDEV) surged 75%. Xiao-I Corp (NASDAQ:AIXI) also saw its shares rise by 51%.