Despite rising tensions in the Middle East and a temporary strike affecting ports, the U.S. stock market showed resilience with large-cap stocks achieving a fourth consecutive weekly gain, reflecting investors' ability to manage uncertainty and volatility.
The Labor Department's nonfarm payrolls report indicated the addition of 254,000 jobs in September, surpassing analysts' expectations and contributing to a decrease in the unemployment rate to 4.1%, underlining ongoing labor market strength despite persistent inflationary pressures.
While rising oil prices boosted energy stocks amid geopolitical uncertainty, other sectors, like cruise lines and consumer discretionary, faced declines, particularly Nike, which saw a sharp drop after retracting its sales guidance.
The market's resilience was highlighted by the stabilization following initial sell-offs triggered by geopolitical events, with fears of long-term supply chain disruptions easing after a temporary dockworkers' strike agreement was reached.
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