Stocks rose Friday, though were off their highs, following a surprisingly weak jobs report that raised hopes the Federal Reserve will hold rates steady in October.
The Dow Jones Industrials surged 128.17 points to 51,054,73
The S&P 500 index came off its highs of the morning, but remained positive 47.57 points to 7,714.02.
The NASDAQ Composite hiked 292.34 points, or 1.1%, to 27,163.94, after hitting an intraday high early in the session.
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 grabbed 2%, and AMD rose 3%.
Investors are coming off a modestly higher session Thursday, to start off the month of October. However, the Dow and the S&P 500 were headed for weekly losses amid a global bond rout, while the NASDAQ was the only major average on pace to end the week with gains.
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 5.25% from Thursday’s 5.29%. Treasury prices and yields move in opposite directions.
Oil prices slumped $2.35 to $90.52 U.S. a barrel.
Gold prices stumbled $32.40 to $4,169.40 U.S. an ounce.
