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U.S. stocks end higher but post losses for the week

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U.S. economy adds 151,000 jobs in February

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Euro has best week since 2009

By Caroline Valetkevitch

NEW YORK, March 7 (Reuters) - Stock indexes rose on

Friday after Federal Reserve Chair Jerome Powell said the U.S.

economy continues to be in a good place and it remains to be

seen if the Trump administration's tariff plans will prove to be

inflationary, while U.S. 10-year Treasury yields also turned

higher.

Stocks and Treasury yields were lower earlier in the day

after data showed the U.S. economy created fewer jobs than

expected last month, adding to recent worries about economic

growth. The jobs report pushed up market expectations for the

amount of rate cuts from the Federal Reserve this year.

Nonfarm payrolls increased by 151,000 jobs in February,

according to the closely watched employment report, with

unemployment edging up. The report, the first under President

Donald Trump's watch, came at the end of a week marked by

confusion over U.S. trade policy and a global rise in borrowing

costs.

Powell spoke after a week in which Trump imposed and then

delayed 25% tariffs on major trading partners Mexico and Canada,

with the levies still slated to go into effect in early April

and other tariffs on imports also possibly on their way.

The economy is holding up, "even with all the headlines and

the noise that continue to hit the tape," said Adam Sarhan,

chief executive at 50 Park Investments in New York, adding that

after recent sharp selling in stocks, "an oversold bounce is way

overdue."

The S&P 500 on Friday registered its biggest weekly

percentage decline since September, while on Thursday, the

Nasdaq confirmed a correction, defined as a fall of at

least 10%, since peaking in December, as tariffs announced by

Trump have fueled investor uncertainty.

Following the jobs data, traders added to expectations the

central bank will lower borrowing costs in June, according to

data compiled by LSEG.

"The market is back to pricing in three rate cuts in 2025,"

said Brian Jacobsen, chief economist at Annex Wealth Management.

The yield on the benchmark U.S. 10-year Treasury note

rose 3.8 basis points (bps) to 4.32%. For the

week, the 10-year yield is up about 9 bps, on track to snap a

five-week streak of declines.

A sharp sell-off in euro zone government bonds abated on

Friday, after the biggest two-day fall in Bunds since the 1970s

on the back of Germany's plans to completely rewrite its fiscal

rules.

Germany's 10-year bond yield, the benchmark for

the euro zone bloc, was down 5.5 bps at 2.83%.

The euro had its biggest weekly percentage gain against the

U.S. dollar since 2009. It was last up 0.51% on the day at

$1.0838. The dollar index was last down 0.32%

at 103.86.

On Wall Street, the Dow Jones Industrial Average rose

222.64 points, or 0.52%, to 42,801.72, the S&P 500 gained

31.68 points, or 0.55%, to 5,770.20 and the Nasdaq Composite

rose 126.97 points, or 0.70%, to 18,196.22.

MSCI's gauge of stocks across the globe

rose 1.72 points, or 0.20%, to 852.10. The pan-European STOXX

600 index ended down 0.5%.

The STOXX 600 was down 0.7% for the week, snapping a

10-session winning streak, its longest since early 2024.

Bitcoin fell 3.31% to $86,514.78. Trump signed an

executive order to establish a strategic reserve of

cryptocurrencies by using tokens already owned by the

government, disappointing some in the market who had hoped for a

firm plan to buy new tokens.

U.S. crude rose 68 cents to settle at $67.04 a barrel

and Brent climbed 90 cents to settle at $70.36.