US stocks jump as employers unexpectedly cut 23,000 jobs, raising hopes that rate hikes can wait
US stocks rose on Friday following a report that employers cut 23,000 jobs, fueling investor optimism that the Federal Reserve may delay interest rate hikes. Major indices, including the S&P 500, saw gains as technology stocks led the market.
Why it matters
Market reactions to labor data provide insight into investor sentiment regarding inflation and future monetary policy decisions by the Federal Reserve.
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NEW YORK (AP) — Stocks rose on Wall Street Friday and Treasury yields fell after the government reported that employers unexpectedly cut 23,000 jobs last month.
Every major index notched a second straight week of gains, which included several fresh records. It marks a strong start to August following several weak months.
The S&P 500 rose 47.68 points, or 0.6%, to 7,757.64. That topped the all-time high it set on Tuesday. The benchmark index has been on a record run throughout the year.
The Dow Jones Industrial Average rose 151.83 points, or 0.3%, to 54,036.93. That put it just short of the record it set on Wednesday. The Nasdaq composite rose 342.26 points, or 1.3%, to 26,690.62.
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