Stocks jumped Friday, as yields retreated following a surprisingly weak jobs report that raised hopes the Federal Reserve will hold rates steady in October.
The Dow Jones Industrials cruised 305.26 points to 51,231.82
The S&P 500 index gathered 81.79 points, or 1.1%, to 7,748.24.
The NASDAQ Composite screamed 462.11 points, or 1.7%, to 27,333.70, a new all-time high.
Tech stocks rallied as risk-taking resumed on Wall Street, with shares of Nvidia hitting an all-time high for the first time since May.
CrowdStrike, Palo Alto Networks and AMD also all rose to all-time highs. Meanwhile, shares of Intel and AMD also jumped more than 3% each.
September’s non-farm payrolls report showed the U.S. economy added 29,000 jobs last month, with unemployment rising to 4.2%. The Dow Jones consensus called for jobs growth of 84,000 and for the unemployment rate to hold steady at 4.1%.
The report comes as traders reassess the next move for the Federal Reserve. Fed funds futures trading suggests an 86% likelihood the central bank will stand pat at this month’s meeting, up from a roughly 76% chance just the prior day,
Prices for the 10-year Treasury hiked, reducing yields to 5.20% from Thursday’s 5.29%. Treasury prices and yields move in opposite directions.
Oil prices slumped $3.93 to $88.94 U.S. a barrel.
Gold prices heightened $15.40 to $4,217.700 U.S. an ounce.
