Stocks Extend Winning Streak on Strong Jobs Data and Rising Bond Yields

Stocks rose, with all three major indexes logging their sixth consecutive week of gains, as investors digested the stronger-than-expected November jobs report. The US economy added 199,000 jobs in November, and the unemployment rate slipped to 3.7%. Wall Street expects the Federal Reserve to hold interest rates steady at its final policy meeting of the year. Crypto-related stocks surged, and Carrier Global announced the sale of its global access solutions business to Honeywell. Americans' long-run inflation expectations receded from a 12-year high, and economists believe the strong jobs report indicates a sustained economic expansion. President Biden praised the robust jobs report but acknowledged that some Americans are still feeling the pinch of high inflation.