Stocks rallied to their best closing levels in three weeks ahead of the Labor Day weekend on Friday, as a softer than forecast drop in August jobs helped to alleviate some fears of a double-dip recession. Nonetheless, the day’s buying may have been held back by a worse than expected reading on service sector activity.
Stocks have made a move back towards the highs set earlier in the day in mid-afternoon trading on Friday but have encountered some resistance. Better than expected jobs data has driven the day’s buying, while a weak reading on service sector activity has moderated the upside.
Stocks are up by solid margins in early-afternoon trading on Friday but remain far off their highs as a much worse than expected reading on service sector activity pruned some risk appetite from a market that moved higher in reaction to an upbeat August jobs report.
The major averages have moved roughly sideways since coming off of their highs in morning trading.
Stocks are posting notable gains in mid-morning trading on Friday but have come off of their highs, as a disappointing report on service sector activity has cooled some of the initial upside from better than expected August jobs data.
The major averages have pulled back well off their best levels but currently remain firmly positive.