Overview

• The Dow Jones Industrial Average surged over 300 points to close at a record high of 42,352.75, buoyed by robust job growth in September.
• US nonfarm payrolls increased by 254,000, surpassing economists' expectations, as the unemployment rate fell to 4.1%.
• Investors scaled back expectations for a significant rate cut from the Federal Reserve, with a reduced likelihood of a 50-basis-point reduction.
• Oil prices rose sharply due to escalating tensions between Israel and Iran, with President Biden urging caution against striking Iranian oil facilities.
• US ports on the East and Gulf coasts reopened after a prolonged work stoppage, though clearing the cargo backlog is expected to take time.