Stocks Surge, Small Caps Soar After Slow Jobs Growth Eases Rate Hike Fears
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Stocks rose Friday, capping off the best week of 2023 as bond yields fell on October's slower-than-expected job growth. The jobs report was seen as a positive sign for the Fed.
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The Nasdaq gained 6.6% for the week, its biggest weekly gain this year. The S&P 500 rose 5.9% on the week.
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Apple shares fell as revenue declined for the fourth straight quarter. The company saw drops in demand for Macs and iPads.
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Sam Bankman-Fried was found guilty on fraud charges related to the collapse of FTX. The verdict could impact crypto markets and retail investors.
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Small caps soared, with the Russell 2000 jumping 3% Friday morning as bond yields tumbled after the jobs report. Higher yields had hurt small caps recently.