US Stocks Edge Near Record High as Jobs Report Eases Inflation Worries

US stocks closed near their record high on Friday after a softer-than-expected jobs report eased concerns about inflation.

The S&P 500 rose 0.7% and pulled within 1% of its August record, while the Dow Jones Industrial Average added 250 points or 0.5%, and the Nasdaq composite gained 1.2%.

Traders reduced bets on a Federal Reserve interest rate hike in October after Friday's data showed employers added 29,000 more jobs than they cut last month, fewer than economists expected.

'This report strengthens the case for the Federal Reserve to remain patient,' said Adam Schickling, senior economist at Vanguard. 'The labor market has not deteriorated sharply, but there is also little evidence that it has meaningfully strengthened.'