Jobs Report a Crowd Pleaser

Stocks posted modest gains Friday after the Labor Department’s monthly unemployment report showed solid jobs growth and tame wage inflation.

The economy added a better than expected 132,000 jobs last month, and wages rose a less than expected 0.2%. The market’s reaction was muted, however, as the strong jobs growth removed hopes that the Federal Reserve may cut interest rates soon.

The Nasdaq led the way higher with a 0.4% gain.

Adobe rose 3% ahead of its results next week.

Credence soared 26% after beating estimates, raising guidance and naming a new CEO.

Xilinx fell 6% on a warning, while National Semi rose slightly after meeting estimates.

Expedia gained 10% on a buyback announcement.

Microsoft climbed on strong Xbox sales.

The Nasdaq rose 9 to 2437, the S&P 500 gained 2 to 1409, and the Dow climbed 29 to 12,307. Volume declined to 2.38 billion shares on the NYSE, and 1.85 billion on the Nasdaq. Decliners led 16-15 on the NYSE, while advancers held a slight edge on the Nasdaq. Upside volume was 55% on the NYSE, and 68% on the Nasdaq. New highs-new lows were 218-18 on the NYSE, and 117-34 on the Nasdaq.

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