US Stocks Near Record High After Jobs Report Shows Fewer Job Additions
US stocks rose near their record high on Friday after the latest jobs report showed fewer job additions than expected, calming worries about inflation.
The S&P 500 climbed 0.7% and pulled within 1% of its August record. The Dow Jones Industrial Average added 250 points, or 0.5%, and the Nasdaq composite gained 1.2%
The jobs report showed employers across the country added 29,000 more jobs to their payrolls than they cut last month, which is fewer than economists expected.
According to Adam Schickling, senior economist at Vanguard, 'This report strengthens the case for the Federal Reserve to remain patient. The labor market has not deteriorated sharply, but there is also little evidence that it has meaningfully strengthened.'
The pullback in expectations for an October rate hike helped calm what's been a rattled bond market.