Stocks rose on Friday after economic data raised hopes of economic stability

 

Stocks rose Friday after the November jobs report and consumer survey data from the University of Michigan pointed to a resilient economy and easing inflation, boosting the so-called soft landing narrative that the Federal Reserve — and many investors — are following.  - Were expecting.

  The Dow Jones Industrial Average rose 110 points, or 0.3%.  The S&P 500 jumped 0.4% to a session high of 4,606.31, putting it within a point of its 2023 intraday high.  The Nasdaq Composite rose 0.5%.

  The November nonfarm payrolls report showed an unexpected decline in the unemployment rate, with the yield on 10-year Treasuries rising 10 basis points to 4.23%.  (One basis point is equal to 0.01%.)

  The unemployment rate fell to 3.7% in November from 3.9% the previous month.  The hope was that it would remain like this.  The economy added 199,000 jobs, slightly ahead of the Dow Jones estimate of 190,000 and well ahead of the 150,000 jobs added in October.