Stocks
Weak Jobs Report Sparks Record-High Stocks as Rate Hike Odds Plummet
A weak jobs report lifted U.S. stocks to record highs on Friday, with the Nasdaq 100 leading the charge.
The September jobs report showed a mere 29,000 new nonfarm payrolls, far short of the expected 84,000-90,000, and pushed the unemployment rate up to 4.2% from 4.1%. This outcome pared bets on further Federal Reserve rate hikes, with odds now standing at just 17%
The Nasdaq 100 responded by hitting a record high, while Nvidia Corp. reached $237.88 per share. Other chip stocks also surged, driven by the semiconductor rally.