Stock market today: Wall Street hits more records following a just-right jobs report
U.S. stocks rose to records after data suggested the job market remains solid enough to keep the economy going, but not so strong that it raises immediate worries about inflation
NEW YORK (AP) — U.S. stocks rose to records Friday after data suggested the job market remains solid enough to keep the economy going, but not so strong that it raises immediate worries about inflation.
The S&P 500 climbed 0.2%, just enough top the all-time high set on Wednesday, as it closed a third straight winning week in what looks to be one of its best years since the 2000 dot-com bust. The Dow Jones Industrial Average dipped 123.19 points, or 0.3%, while the Nasdaq composite rose 0.8% to set its own record.
The quiet trading came after the latest jobs report came in mixed enough to strengthen traders’ expectations that the Federal Reserve will cut interest rates again at its next meeting in two weeks. The report showed U.S. employers hired more workers than expected last month, but it also said the unemployment rate unexpectedly ticked up to 4.2% from 4.1%.
“This print doesn’t kill the holiday spirit and the Fed remains on track to deliver a cut in December,” according to Lindsay Rosner, head of multi-sector investing within Goldman Sachs Asset Management.
