US Stocks Rise on Weaker Jobs Data, Rate Hike Expectations Tame
US stocks rose to close out the trading week on Friday, following weaker-than-expected jobs data that dampened expectations for a rate hike from the Federal Reserve at its policy meeting this month.
The labor department reported nonfarm payrolls increased by 29,000 jobs last month, with the count for the prior two months revised sharply lower than expected. This tempered expectations of an impending rate hike, which helped boost rate-sensitive stocks such as the S&P 500 real estate index and small-cap Russell 2000 index.
Mega-cap stocks like Nvidia and Tesla led the advance, with Tesla gaining 4.7% to put it among the biggest boosts to the S&P 500. The Nasdaq Composite added 319.27 points, or 1.19%, to 27,190.86, while the Dow Jones Industrial Average rose 250.40 points, or 0.49%, to 51,176.96.