[[[[[ Stock Market News, Oct. 6, 2023: Indexes Climb, Led by Nasdaq, After Hot Jobs ReportStock and bond prices recover to end the week after falling earlyLast Updated: 6. Oct 2023 at 5:30 pm GMT-4Stocks shook off early losses Friday, finishing higher after investors digested the latest jobs report. Bond prices also recovered, with the 10-year Treasury yield finishing with gains after earlier climbing to fresh heights. Read the day's full markets roundup here.Stocks and bond prices had initially dropped after a surprisingly strong report this morning showed employers added 336,000 jobs in September. But a closer look showed the gains may have been distorted by seasonal adjustments and that wage growth was modest.Government bonds have sold off rapidly in recent months, sending the yield on the benchmark 10-year bond around a percentage point higher since the beginning of July.The surge has, hit stock prices and is threatening hopes of a soft landing, as investors and companies contend with much higher borrowing costs. ]]]]]
The run up in Bond Yields, if sustained, would be a new risk to the economy by raising the cost of home mortgages, car loans and business debt. The 10 yr US Bond closed at a near record 4.8% this morning, pointing to home loans nudging 8% if sustained … which would hurt the economy. A Goldilocks jobs report of +/- 25,000 from consensus estimate would have been a better long term result for the economy and markets imo.
