President-elect Joe Biden had warned the “dark winter” ahead would exacerbate the pain unless the U.S. Congress passes a coronavirus relief bill immediately
Wall Street’s main indexes rose to all-time highs on Friday as data showing the slowest U.S. jobs growth in six months raised investors’ expectations for a new fiscal relief bill to help revive the coronavirus-hit economy.
So-called “cyclical” stocks seen as particularly sensitive to the economy, such as energy, materials and industrials, shined as most S&P 500 sectors rose.
The Labor Department’s closely watched report showed nonfarm payrolls increased by 245,000 jobs in November, below economists’ expectations of 469,000 jobs and the smallest gain since the labor recovery started in May.
President-elect Joe Biden said Friday’s “grim” jobs report shows the economic recovery is stalling and warned the “dark winter” ahead would exacerbate the pain unless the U.S. Congress passes a coronavirus relief bill…