Investors bought stocks across the board Friday after the employment report showed moderate job growth in September, driving all three major indexes up 1.4%.
After a string of dismal economic reports this week, investors were relieved to learn the U.S. economy added 136,000 jobs and the unemployment rate dropped to 3.5%, a near 50-year low.
RegentAtlantic co-head of investments, Andy Kapyrin, isn't so sanguine about what the report suggests about the economy:
SOUNDBITE: REGENTATLANTIC CO-HEAD OF INVESTMENTS, ANDY KAPYRIN (ENGLISH) SAYING:
"It has another factor contributing to recessionary worries, the fact that wage growth is slowing down in an environment where unemployment is at a 50-year low to me sends a warning signal. And the warning signal is consumers are going to start to feel badly."
Apple shares provided the biggest boost to the three major indexes. The Nikkei reports the company has asked suppliers to boost production of its new iPhone 11 by up to 10%.
Shares of HP dropped to a one-month low. The printer maker said it would incur a one-time cost of $1 billion for restructuring, which involves cutting up to 16% of its workforce. That pushed Credit Suisse to cut its price target.