US Stocks Rebound Near Record High After Jobs Report Eases Inflation Concerns

The US stock market rebounded near its record high on Friday after a jobs report eased concerns about inflation. The S&P 500 rose 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%. Employers across the country added 29,000 more jobs to their payrolls than they cut last month, a slowdown from August's net hiring rate of 133,000.

The data 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 inflation.