(Bloomberg) — The stock market ended the week on a positive note after a blowout jobs report signaled the US economy will continue to power Corporate America — even if that means the potential for still elevated interest rates.
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All major groups in the S&P 500 gained, with the gauge rising more than 1%. Wall Street decided to look at the glass half full on Friday based on the premise that if the economy is still so strong, there would be no real urgency for the Federal Reserve to start easing policy.
That triggered another hawkish reprice in the bond market. Treasury yields climbed, with traders dialing back their projections for Fed cuts in 2024 to about 65 basis points — or less than what the central bank forecast last month.
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