US Stocks Near Record High After Jobs Report Eases Inflation Worries
US stocks rose near their all-time high on Friday after the latest jobs report eased worries about inflation.
The S&P 500 climbed 0.7% and pulled within 1% of its record set in August, with the Dow Jones Industrial Average adding 250 points, or 0.5%, and the Nasdaq composite gaining 1.2%.
The latest update on the US job market showed employers across the country added 29,000 more jobs to their payrolls than they cut last month, which was fewer than economists expected and a slowdown from August's net hiring rate of 133,000.
This development tamped down concerns that the US economy could be so strong it would fuel inflation even higher. The Federal Reserve recently raised its main interest rate for the first time in three years to try to rein in painful increases for the cost of living.