Markets

Stocks Initially Unhinged by Jobs Report But Staging Comeback on Oil, Technical Support

Wall Street has pared most of its early losses following an underwhelming April jobs report but were still in negative territory for today and were on course to finish a second consecutive week in the red. Stocks opened with steep losses after the Labor Department reported a below consensus 160,000 rise in non-farm payrolls. But thanks to the Dow Jones Industrial Average holding above its 50-day moving average along with a rebound in oil prices , the blue-chip index was back near its break-even mark, assisted by gains in energy and material stocks.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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