In New York, the Dow Jones industrial average was up 288.01 points at 33,407.58. The S&P 500 index was up 50.31 points at 4,308.50, while the Nasdaq composite was up 211.51 points at 13,431.34.“It’s a pretty meaningful reversal from the knee-jerk reaction that we saw in the morning,” said Angelo Kourkafas, an investment strategist at Edward Jones.
That data is part of the suite of economic indicators that central banks are eyeing for their upcoming interest rate decisions, and continued economic strength could spell another rate hike. Wage growth in the U.S. moderated in September, with average hourly earnings rising at their slowest year-over-year rate since June 2021. Meanwhile, even though Canadian wage growth year-over-year was slightly higher in September than in August, most of the job gains were concentrated in the educational services sector, noted Kourkafas, and most were in part-time employment.