Hess Midstream Operations LP HESM:NYSE

Last Price$14.95Cboe Real-Time Last Sale as of 10:51AM ET 9/28/20
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Today's Change-0.19(1.25%)
Bid (Size)$14.93 (100)
Ask (Size)$15.07 (100)
Day Low / High$14.86 - 15.35
Volume36.9 K

Stocks Surge as Job Growth in September Pushes Unemployment Rate to Nearly 50-Year Low

4:39PM ET 10/04/2019 MT Newswires
Stocks surged Friday after the economy added 136,000 jobs last month, pushing the unemployment rate to match a nearly 50-year low.

The print from the Bureau of Labor Statistics released before the market open missed the Econoday consensus for a gain of 145,000, but August's reading was revised 38,000 higher to 168,000. Average hourly earnings slid down a penny from August to $28.09 last month while the average workweek remained at 34.4 hours.

"Wage growth was arguably the largest soft spot in the monthly report, slipping back below 3% on a year-over-year basis," said Nathan Janzen, chief economist at RBC Economics Research. "But on balance, the data still leaves US labor markets looking relatively solid, at least for now."

Meanwhile, Federal Reserve Chair Jerome Powell said in speech Friday afternoon that the US economy is "in a good place." His remarks came after disappointing readings on the manufacturing and services sectors from the Institute for Supply Management earlier in the week.

All 11 of the sectors that comprise the Standard & Poor's 500 ended higher, with seven advancing more than 1%. All components of the Dow Jones Industrial Average ended higher.

Financial shares led the sector gains, rising 1.9%. JPMorgan Chase (JPM) and Travelers (TRV) each popped 2% while Goldman Sachs Group (GS) added 1.8%.

Apple (AAPL) rose 2.8% on a Nikkei report that said demand for the computer giant's new iPhone has been more than expected. That helped push tech shares up 1.7%. Intel (INTC) added 1.8% and Cisco Systems (CSCO) firmed 1%.

Health care shared finished almost 1.6% higher, as Merck (MRK) and Johnson & Johnson (JNJ) gained 2.7% and 1.9%, respectively. UnitedHealth Group (UNH) rose 2.1%.

In corporate news, HP (HPQ) dropped 9.6% after announcing late Thursday that it plans to cut between 7,000 and 9,000 jobs by the end of fiscal 2022 as part of a restructuring plan.

Hess Midstream Partners (HESM) rose 5.6% after it reached an agreement to acquire Hess Infrastructure Partners from Hess (HES) and Global Infrastructure Partners in a $6.2 billion cash-and-stock deal. Hess firmed 1%.

The Dow, S&P 500, and Nasdaq Composite each finished the day 1.4% higher. The Dow finished the week 0.9% lower while the S&P 500 closed out the five-day period 0.3% lower. The Nasdaq Composite finished more than 0.5% for the week.