Stocks Rebound Near Record High After Jobs Report Eases Inflation Concerns

US stocks rose near their record high on Friday after the latest jobs report eased concerns about inflation. The S&P 500 increased by 0.7% and pulled within 1% of its all-time high set in August.

The Dow Jones Industrial Average added 250 points, or 0.5%, and the Nasdaq composite gained 1.2%. The jobs report showed that employers across the country added 29,000 more jobs to their payrolls than they cut last month, which was fewer than economists expected.

This slowdown in hiring rates tamped down concerns that a potentially hot US economy could fuel inflation even higher. Inflation has remained above expectations, and the Federal Reserve recently raised its main interest rate for the first time in three years to try to rein in the increases.