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Nasdaq hits intraday record as weaker jobs data tempers Fed hike bets
CME FedWatch showed the probability of at least a 25 basis point Fed rate hike falling to 23.8% from 24.4% the prior session.
US stocks rose on Friday after weaker-than-expected jobs data reduced expectations for a near-term rate hike from the Federal Reserve, with the Nasdaq Composite climbing to an intraday record high, Reuters reported.
The Labor Department said nonfarm payrolls increased by 29,000 jobs last month, and it revised the prior two months sharply lower, well below the 90,000 estimate from economists polled by Reuters.
CME FedWatch indicated the odds of an at least 25 basis point rate hike dropping to 23.8% from 24.4% in the prior session, and down from 64.2% a week earlier, according to the report.
By the market close, the Dow Jones Industrial Average rose 217.14 points, or 0.43%, to 51,143.70, the S&P 500 added 53.99 points, or 0.70%, to 7,720.44, and the Nasdaq rose, Reuters noted.
Latest closeS&P 500 7,651.54 ▼0.2%|Nasdaq Comp. 26,861.06 ▲0.2%|Dow Jones 50,906.05 ▼0.9%