Wall Street rallied Friday, snapping a four-session losing streak in a choppy session, as investors wrestled with a mixed jobs report
in October, indicating some signs of slack may finally be starting to emerge in the job market and give the Fed room to downsize its rate hikes beginning in December.
But the data also showed average hourly earnings rose slightly more than expected, as did job growth, pointing to a labor market that largely remains on firm footing.Labor market data has been a primary focus for markets as the Fed has repeatedly stated it is looking for some cooling before considering a pause in hikes.
"This was not a report that shows the rate hikes are starting to take hold," said Shawn Cruz, head trading strategist at TD Ameritrade in Chicago. "You could maybe justify some of this move as this selling got a little overdone after what Powell said at the meeting, so maybe you already had the sellers flushed out."Powell's comments about potentially decreasing the size of rate hikes in the future, but needing to continue to raise rates for a longer period of time and potentially above the 4.6% level the central bank penciled in at its September meeting.
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