Stocks Surge as Jobs Data Takes Center Stage

Tech stocks led the major averages higher as investors focused on labor market data for clues about interest rates. The Dow Jones Industrial Average lagged behind, while the S&P 500 and Nasdaq Composite rebounded, driven by tech stocks like Alphabet. The latest weekly jobless claims data showed a slight increase, but the crucial monthly US jobs report on Friday will provide a clearer picture of inflation and interest rate expectations. In other news, mortgage rates fell for the sixth straight week, boosting the refinance market, and stocks opened higher as investors monitored labor market data.