Weak US Jobs Data Sends Stocks Soaring Amid OPEC Price Drop

The US jobs data for September came in weaker than expected, causing Wall Street stocks to surge on Friday.

Data showed that employment grew by just 29,000 jobs, missing analysts' expectations of around 90,000. The unemployment rate also rose slightly to 4.2 percent.

This lackluster hiring data lowered the odds of a Federal Reserve rate hike, which boosted stocks as investors saw it as a positive sign for the economy.

Oil prices dropped sharply, with US oil prices falling by around two percent to $91.11 per barrel, while international benchmark Brent crude edged down just 0.1 percent to $102.25 a barrel.