US Stocks Soar as Rate Hike Expectations Fade

The US stock market closed the week on a high note due to fading expectations of a rate hike by the Federal Reserve, following data showing that US employment unexpectedly declined in July.

The Dow Jones Industrial Average gained 0.28%, or 151.83 points, to close at 54,036.93, while the S&P 500 increased 0.62%, or 47.68 points, to finish at 7,757.64.

The Nasdaq Composite soared 1.3%, or 342.26 points, to end the week at 26,690.62, and the Volatility Index (VIX) declined 1.65% to 14.90, often referred to as the market's 'fear index'.

The weak employment data could give the Fed room to keep interest rates unchanged at its September meeting, according to analysts.