Stock market news today: Solid jobs report shows economy still strong – Markets Insider

US stocks closed sharply higher after volatile trading Friday on the release of the October jobs report, which showed nonfarm payrolls increased by 261,000 and the unemployment rate rose to 3.7%.
Economists had estimated monthly gains of just 193,000 in the month, underscoring just how resilient the labor market continues to be even as the Fed moves forward with aggressive interest rate hikes. The jobs report gave hope to a soft landing of the economy, but it also increased the likelihood of a Fed that remains aggressive with its rate hikes.
“The October Jobs Report likely wasn’t what the Fed wanted to see. While the news is good for consumers — the labor market remains strong, and wages are increasing — these numbers don’t suggest inflation is likely to slow at the rate the Fed is looking for,” Orion Advisor Solutions CIO Rusty Vanneman told Insider.
Separately, growing speculation that China is on the verge of emerging from COVID-19-induced economic lockdowns helped drive stock prices, particularly Chinese stocks, higher. 
Here’s where US indexes stood at the 4:00 p.m. ET close on Friday:
Here’s what else happened today:
In commodities, bonds and crypto:
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