Stocks rise following cooling of jobs growth
Los Angeles — Wall Street stocks traded higher on Friday following the release of a jobs report for October which showed a slowdown of jobs growth which produced less-than-expected numbers.
This led to reinforced hopes amongst investors that the Feds could be done with future interest rate hikes.
Bond yields also tumbled in the wake of the latest payroll figures.
The 10-year Treasury yield dropped to 4.57% after hitting a record high 5% last month.
The Dow Jones Industrial Average rose 0.66% to 34,061.32. The S&P 500 climbed 0.94% to 4,358.34 while the tech-heavy Nasdaq Composite increased 1.38% to 13,478.28.
All three major indexes notched straight wins this week as investors remain hopeful that interest rate hikes could be over.
A slowing economy supports the case that the central bank should hold off future rate hikes this year.
