A Wall St. street sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., September 17, 2019. (REUTERS/File Photo)
U.S. stocks climbed on Friday, led by technology shares, after a tepid U.S. monthly jobs report relieved investor concerns the Federal Reserve might rein in monetary stimulus soon.
U.S. employers increased hiring in May and raised wages as they competed for workers. But the nonfarm payrolls increase of 559,000 jobs was below the 650,000 forecast of economists polled by Reuters.
Investors were concerned that a robust jobs report that pointed to rising inflation could prompt the Fed to pull back on stimulus put in place during the pandemic.
“It keeps pressure off the Fed and will enable them to keep their low interest rate policy in place longer and take more of a wait-and-see attitude,” said Jack Ablin, chief investment officer at Cresset Capital Management. “The opportunity to keep rates low is good news for risk takers.”
BUSINESS
BUSINESS
BUSINESS
The Dow Jones Industrial Average rose 179.35 points, or 0.52%, to 34,756.39, the S&P 500 gained 37.04 points, or 0.88%, to 4,229.89 and the Nasdaq Composite added 199.98 points, or 1.47%, to 13,814.49.
All three indexes rose for the week, with the Nasdaq posting its third straight weekly gain.
