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Stocks rose Friday, though 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 250.88 points to 51,054,73
The S&P 500 index gained 56.27 points to 7,722.72.
The NASDAQ Composite bounced 319.27 points, or 1.2%, to 27,190.86.
Investors are coming off a modestly higher session Thursday, to start off the month of October.
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 AMD also rose nearly 3%.
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 slipped, bringing yields back up to Thursday’s 5.29%. Treasury prices and yields move in opposite directions.
Oil prices swooned $1.43 to $91.44 U.S. a barrel.
Gold prices fell $29.50 to $4,172.80 U.S. an ounce.
