Stock Market Today: Stocks Rise Ahead March Jobs Report
While the major indexes closed flat to slightly lower for the week, oil prices soared.
Stocks ended the short trading week on a positive note after the latest reading on unemployment claims underscored signs of a softening labor market.
The data comes ahead of the March jobs report, which will be released tomorrow morning. While the stock market will be closed for Good Friday, investors are still anxiously awaiting the monthly employment figures – particularly because this is the last major labor market update ahead of the next Fed meeting.
The Labor Department this morning said that weekly jobless claims fell to 228,000 last week from the previous week's upwardly revised 246,000. Several weeks' worth of reports were revised higher due to a new seasonal-adjustments calculation, lifting the average weekly jobless claims for all of March to 237,750 from 200,000.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Today's unemployment claims data follows the release of several recent economic reports, including Wednesday's private payrolls figures, that suggest the Fed's efforts to slow the economy are working. Economists are expecting the March payrolls report to show jobs growth moderated last month, forecasting 239,000 new jobs vs February's 311,000.
Drilling down on today's sector performances, communication services stocks outperformed thanks to solid gains in Alphabet (GOOGL, +3.8%) and Meta Platforms (META, +2.2%). Financials also did well as regional bank stocks rebounded after Wednesday's selloff. Western Alliance (WAL, +4.8%) and First Republic (FRC, +4.3%) were among the day's biggest advancers.
As for the major indexes, the Nasdaq Composite rose 0.8% to 12,087 and the S&P 500 gained 0.4% to 4,105. The Dow Jones Industrial Average, meanwhile, eked out a marginal gain to end at 33,485.
The best oil stocks to buy
While the stock market closed flat to slightly lower for the week, oil prices rose sharply. U.S. crude futures closed at $80.70 per barrel, up about 6.7% from last Friday's close.
The key commodity got a lift thanks to an unexpected output cut from OPEC+ (the Organization of the Petroleum Exporting Countries and its allies). Rising crude prices predictably lit a fire under energy stocks, which lagged in the first quarter. Daan Struyven, senior energy economist at Goldman Sachs Commodities Research, cited OPEC+'s "bullish surprise" as the reason for lifting both his short- and long-term price forecasts for global oil prices.
Note well that continued gains for crude should benefit the top-rated oil stocks, as well as select energy ETFs.
-
5 Investment Opportunities in 2026As investors game-plan for the year ahead, these five areas of the equity markets deserve their attention.
-
How Verizon’s Free Phone Deals WorkWhat shoppers need to know about eligibility, bill credits and plan costs.
-
Does Your Car Insurer Need to Know All Your Kids? Michigan Cases Raise QuestionWho you list on your policy matters more than most drivers realize, especially when it comes to who lives in your home.
-
How the Stock Market Performed in the First Year of Trump's Second TermSix months after President Donald Trump's inauguration, take a look at how the stock market has performed.
-
Dow Hits a Record High After December Jobs Report: Stock Market TodayThe S&P 500 also closed the week at its highest level on record, thanks to strong gains for Intel and Vistra.
-
Nasdaq Takes a Hit as the Tech Trade Falters: Stock Market TodayThe Dow Jones Industrial Average outperformed on strength in cyclical stocks.
-
If You'd Put $1,000 Into Lowe's Stock 20 Years Ago, Here's What You'd Have TodayLowe's stock has delivered disappointing returns recently, but it's been a great holding for truly patient investors.
-
Stocks Extend Losing Streak After Fed Minutes: Stock Market TodayThe Santa Claus Rally is officially at risk after the S&P 500's third straight loss.
-
If You'd Put $1,000 Into 3M Stock 20 Years Ago, Here's What You'd Have TodayMMM stock has been a pit of despair for truly long-term shareholders.
-
Santa Claus Rally at Risk as Tech Stocks Slump: Stock Market TodayThe Nasdaq Composite and Dow Jones Industrial Average led today's declines as investors took profits on high-flying tech stocks.
-
My Top 10 Stock Picks for 2026Each year, we ask an expert to pick 10 stocks that have the potential to beat the market over the next 12 months. Here are his choices for 2026.
