Job Market Weakness Boosts Stocks as Fed Rate Hike Fears Eased

The US stock market experienced an unexpected surge after the government reported that employers cut 23,000 jobs last month.

This news led to a decline in Treasury yields, with the 10-year yield falling to 4.64% from 4.67%, and the two-year yield dropping to 4.20% from 4.22%.

The S&P 500 rose 47.68 points, or 0.6%, to 7,757.64, surpassing its previous all-time high set on Tuesday.

Technology stocks, including Nvidia and Broadcom, contributed significantly to the broader market's gains, rising by 2.3% and 1.7%, respectively.