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 are surging near a record high on Friday following a recent jobs report that quelled fears of a robust economy potentially exacerbating inflation, according to wire material. The S&P 500 climbed 0.7%, bringing it within a whisker of its August record. The Dow Jones Industrial Average added 164 points, or 0.3%, while the Nasdaq composite increased by 1.2%.
This reaction occurred after the U.S. government announced a payroll increase of 29,000 jobs in the previous month, a figure that fell short of economists' expectations and marked a slowdown from the August hiring rate of 133,000. Crucially, this data helped allay concerns that an overly strong U.S. economy could lead to further inflationary pressures.
The Federal Reserve has already raised its key interest rate for the first time in three years to combat persistent inflation, which has been a significant worry for households and financial markets alike.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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