Wall Street Opens Higher as Weak Jobs Data Eases Rate-Hike Fears
What Happened
US stocks opened sharply higher after September jobs data came in weaker than expected, raising hopes that the Federal Reserve may avoid another interest-rate hike soon. The US economy added just 29,000 jobs, well below forecasts of 90,000, while unemployment rose to 4.2%. At the open: Dow Jones rose about 0.6% S&P 500 gained around 1.0% Nasdaq Composite jumped 1.7%, hitting a record high during trading
Key Takeaways
Wall Street started the day on a strong note as investors welcomed signs of a cooling labour market, betting that the Fed may pause further rate increases, giving a boost to growth and technology stocks.