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Wall Street's main indexes slipped in choppy trade on Friday, Nov. 4 as investors digested a mixed jobs report that had lifted hopes of the Federal Reserve shifting to smaller rate hikes in the future.
The S&P 500 and the Nasdaq each rose as much as 2% after a closely watched report showed an uptick in the unemployment rate in October, pointing to some cooling in the labor market that could give the Fed cover to reduce the size of its rate hikes after December.
Market focus will now turn to a key inflation reading due next week as well as U.S. midterm elections on Nov. 8, where control of Congress is at stake.
"The market prefers a divided government, and looks like that's where we're headed. It certainly stops some policies that could be damaging the economy," said Mace McCain, chief investment officer of Frost Investment Advisors.
Excerpted from Reuters & Nasdaq.com on Nov. 4, 2022. To read full article, click here.
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