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Surprising weakness in the US labor market has fueled euphoria on Wall Street and beyond. US indices are on track for their best trading week since April. On Thursday, the markets ended in a mixed state. The Dow Jones Industrial Average, which tracks blue-chip stocks, barely changed, settling at 53,928 points. The broader S&P 500 index gained 0.3% to 7,733 points.

The tech-heavy Nasdaq Composite rose 0.8% to 26,561 points, while the Nasdaq 100, comprising the 100 largest US technology companies, increased 0.7% to 29,570 points.

The July US labor market did not meet economists' expectations. Surprisingly, the non-farm employment sector contracted by 23,000 positions, while economists had anticipated a job increase of 80,000. This news has brought joy to investors, as the US labor market directly impacts the Federal Reserve's interest rate policy. The Fed has a dual mandate to maintain stable prices and full employment. A weak labor market increases pressure on the Fed to lower interest rates to support the economy and protect jobs.

Investors had initially expected a rate hike this autumn, due to rising energy prices and uncertainty stemming from the Iran conflict. However, many now anticipate no change by September, with nearly 60% expecting an increase by October. The current interest rate range stands at 3.5 to 3.75 percent. The Fed maintained rates unchanged in the previous meeting.