US stocks rise near record after latest jobs report calms rattled bond market
NEW YORK — U.S. stocks are rising near their all-time high on Friday after the latest jobs report cooled worries that a potentially hot U.S economy could make inflation much worse. The S&P 500 rose 0.7 percent and pulled within 1 perce. of its record set in August . The Dow Jones Industrial Average was up 164 points, or 0.3 percent, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 1.2…
U.S. stocks surged near their all-time high on Friday following the latest jobs report, which eased fears that a robust American economy could exacerbate inflation concerns. The S&P 500 advanced 0.7 percent and neared the record set in August, while the Dow Jones Industrial Average rose 164 points, or 0.3 percent, and the Nasdaq composite climbed 1.2 percent.
The positive reaction from Wall Street came after the U.S. government reported that employers added 29,000 jobs to their payrolls in the previous month, a figure lower than economists anticipated and a decline from August's hiring pace of 133,000. This slower job growth helped calm worries that an overly strong economy might drive inflation even higher.
Inflation has been persistently high, prompting the Federal Reserve to raise its key interest rate for the first time in three years in an effort to curb the painful increase in living costs. Despite growing frustration among Americans about inflation and their financial situations, the latest jobs data provided a measure of reassurance to investors.
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