Weaker Jobs Report Fails to Dent US Market Gains

The US jobs report for September came in weaker than expected, showing an increase of only 29,000 jobs. This figure missed analysts' predictions of around 90,000 new hires and resulted in a slight rise in the unemployment rate to 4.2 percent.

Despite this lackluster data, the US markets closed higher on Friday, with major indices such as the S&P 500 and Nasdaq Composite posting gains. The S&P 500 finished up 0.7 percent at 7,722.72, while the Nasdaq gained 1.2 percent to 27,190.86.

Chris Low of FHN Financial attributed this market reaction to the jobs report's implications for Federal Reserve rate hikes, stating that 'the jobs report is lousy for the economy, but could keep the Fed from making trouble.'