Yahoo Finance US stocks rise as jobs data dampens fears of a tighter Fed
US stocks rose as fears diminished that the Fed would raise interest rates again.
Nonfarm payrolls climbed 187,000, and the unemployment rate rose to 3.8% in August.
Meanwhile, job gains from previous months were revised lower, indicating less pressure in the labor market.
US stocks climbed Friday as the latest jobs report data diminished concerns of more interest rate hikes from the Federal Reserve.
Nonfarm payrolls climbed 187,000 in August, topping expectations. But wage growth was subdued, the unemployment rate rose to 3.8% from 3.5%, and job gains from prior months were revised lower. They added to earlier indications of a cooler labor market.
"The Fed couldn't hope for a better report in their fight against inflation," Chief Investment Officer for Independent Advisor Alliance Chris Zaccarelli said in a statement, adding: "If the economy can continue to expand and the labor market can cool at a slow pace, rather than at a rapid clip, then the Fed can afford to leave rates where they are and patiently wait for (current) higher rates to do their work."
After the jobs report, the odds on Wall Street for a Fed rate hike this month and later this year dropped.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:
S&P 500: 4,536.63, up 0.64%
Dow Jones Industrial Average: 34,947.82, up 0.65% (225.91 points)
Nasdaq Composite: 14,127.44, up 0.66%
Here's what else is going on:
Private-equity deals in entertainment are headed for a five year low.
UBS made a $29 billion quarterly profit after acquiring Credit Suisse.
To prop up the yuan, China's central bank is slashing foreign currency deposit requirements.
Dollarization is Argentina's only option against the economic "death spiral," Steve Hanke said.
In commodities, bonds, and crypto:
Oil prices gained. West Texas Intermediate climbed 0.97% to $84.27 a barrel. Brent crude, the international benchmark, was up 1.38% to $87.64 a barrel.
Gold fell 0.9% to $1,949.55 per ounce.
The 10-year yield declined 1.6 basis points to 4.075%.
Bitcoin dropped 0.81% to $26,037.45.
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