Markets traded higher March 9 on new monthly numbers from the U.S. Labor Department showing that the economy added 313,000 jobs in February, above Econoday's consensus estimate of 205,000.
The Labor Department said the unemployment rate remained unchanged at 4.1%. Average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $26.75 and by 68 cents over the year, representing a 2.6% year-over-year rise in wage growth.
David Dietze, president and chief investment strategist at Point View Wealth Management, said in an interview that the "Goldilocks" employment numbers show strong labor demand without the scare of overheating inflation, since wage growth was more subdued than the January numbers that triggered a market sell-off.
"Although it's certainly enough to keep the Fed on track to hike this month, it does not seem to add to the case for four hikes," Dietze said.
The Dow Jones Industrial Average gained 1.77% to 25,335.74, the S&P 500 added 1.74% to 2,786.57 and the Nasdaq Composite Index increased 1.79% to 7,560.81.
Bank stocks also rose in trading. JPMorgan Chase & Co. added 2.88% to $118.04, Citigroup Inc. increased 2.70% to $76.11, Wells Fargo & Co. gained 2.66% to $58.23 and Bank of America Corp. rose 1.61% to $32.72.
Shares of Olympia, Wash.-based Heritage Financial Corp. increased 0.32% to $31.20 on news that it had agreed to buy Hillsboro, Ore.-based Premier Commercial Bancorp in an $88.6 million all-stock deal.
A number of banks in the northeast made notable movements in trading March 9. Cambridge, Mass.-based Cambridge Bancorp gained 5.88% to $90.00; Yorktown Heights, N.Y.-based PCSB Financial Corp. increased 5.16% to $20.60; and Hartford, Conn.-based United Financial Bancorp Inc. added 4.75% to $16.55.
Meanwhile, Fort Lauderdale, Fla.-based OptimumBank Holdings Inc. declined 4.31% to $4.22.
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