Wall Street rises to records after the unemployment rate improves
AP News••business
Key Points:
- U.S. stocks reached record highs on Friday, with the S&P 500, Dow Jones Industrial Average, and Nasdaq all posting significant gains despite a mixed U.S. job report that may delay Federal Reserve interest rate cuts.
- The Labor Department reported fewer December job hires than expected but an improved unemployment rate, suggesting a stable job market that could help avoid a recession.
- Energy and homebuilding sectors surged, led by Vistra and homebuilders like Lennar, following major deals with Meta Platforms and President Trump's announcement to lower mortgage rates by purchasing mortgage bonds.
- General Motors' shares fell 2.7% due to a $6 billion charge related to its electric vehicle pullback, while WD-40 dropped 6.
