'The report is unequivocally good for the economy, but not for markets,' one Wall Street analyst said.
The S&P 500 slipped 0.1% in the early going Friday, but was back up by nearly as much as of noon Eastern time, ending the day up by .5%. The Dow dropped 0.06% and the tech-focused Nasdaq composite rose 1.6%.
Friday's moves followed a tumultuous Thursday, when the S&P 500 fell 2.4%, its biggest drop in nearly a year, weighed down by the , as Facebook's owner is now known, on news that nearly two decades of explosive growth in its core social media business may have peaked. Meta's mauling erased more than $230 billion in market value, easily the biggest one-day loss in history for a U.S. company. The stocks of Twitter and other social media companies also fell, and the Nasdaq gave up 3.7%, its biggest loss since September 2020.
"The jobs report blew away expectations across the board," Cliff Hodge, chief investment officer for Cornerstone Wealth, said in an email."The report is unequivocally good for the economy, but not for markets as the strength in the numbers presents another data point which supports more aggressively hawkish Fed action" against rising inflation.
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