S&P 500, Nasdaq open higher as surprise payrolls fall quells rate-hike fears
[NEW YORK] The S&P 500 and the Nasdaq opened higher on Friday (Aug 7) after data showed the US economy unexpectedly shed...
The stock market opened on a robust note on Friday (Aug 7) as surprise figures revealed a decrease in US job growth, casting uncertainty over an imminent Federal Reserve rate increase. Despite the Dow Jones Industrial Average slipping 35.8 points, or 0.1 per cent, to 53,849.26, both the S&P 500 and the Nasdaq Composite exhibited bullish sentiment.
The S&P 500 surged 25.2 points, or 0.3 per cent, to 7,735.18, while the Nasdaq Composite jumped by 186.3 points, or 0.7 per cent, to 26,534.66. These movements reflect investors' potential reassessment of monetary policy following the unexpected economic data.
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