President Donald Trump on Wednesday touted "far greater than expected" U.S. jobs numbers, arguing the strong employment report underscores the nation's economic strength and should lead to significantly lower borrowing costs.
"Just in: GREAT JOBS NUMBERS, FAR GREATER THAN EXPECTED!" Trump wrote on Truth Social.
"The United States of America should be paying MUCH LESS on its Borrowings (BONDS!). We are again the strongest Country in the World, and should therefore be paying the LOWEST INTEREST RATE, by far.
"This would be an INTEREST COST SAVINGS OF AT LEAST ONE TRILLION DOLLARS PER YEAR - BALANCED BUDGET, PLUS. WOW! The Golden Age of America is upon us!!! President DJT."
The S&P 500 and the Nasdaq rose to their highest level in one week Wednesday morning shortly after open, supported by the stronger-than-expected jobs data that pointed to a resilient U.S. economy, while the unemployment rate ticked lower in January.
U.S. job growth accelerated in January and the unemployment rate fell to 4.3%, signs of labor market stability that could give the Federal Reserve room to keep interest rates unchanged for some time as policymakers monitor inflation.
Traders pared rate-cut expectations, with the odds of a first 25-basis-point reduction shifting to July from June earlier, LSEG data showed. Those bets had ticked higher on Tuesday following an unexpected stall in December retail sales.
"Equities are viewing this favorably because the underlying employment picture looks like it's stronger than what's expected and most importantly maybe somewhat stronger than has been recently assessed and characterized by the FOMC," said Jordan Rizzuto, chief investment officer at GammaRoad Capital Partners.
Rizzuto highlighted that if these numbers held up after revisions, it would imply that the economy is closer to the neutral rate than markets had previously expected.
The inflation report due Friday could further alter expectations for the Fed's rate path.
At 09:45 a.m. ET, the Dow Jones Industrial Average rose 227.84 points, or 0.41%, to 50,415.98. The S&P 500 gained 37.27 points, or 0.54%, to 6,979.08, while the Nasdaq Composite advanced 126.95 points, or 0.55%, to 23,229.43.
The S&P 500 posted 73 new 52-week highs and 15 new lows, while the Nasdaq Composite recorded 95 new highs and 80 new lows.
Reuters contributed to this report.
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