U.S. Stocks Rise With Treasuries Amid Jobs Data: Markets Wrap

U.S. stocks rose after jobs data largely met expectations, clearing the way for the Federal Reserve to raise interest rates next week without forcing it to accelerate the pace for future tightening. Treasuries rose for the first time in 10 days, while the dollar slumped.

The S&P 500 Index pared a weekly slide as U.S. employers added jobs at an above-average pace for a second month. The yield on 10-year Treasuries headed lower for the first time in
10 days, while the Bloomberg Dollar Spot Index slipped. Crude climbed from a three-month. Gold slid below $1,200 per ounce, dropping for a fifth day, its longest losing slump since October.

Friday’s American jobs report is the last major piece of economic data before the Federal Reserve meets next week, with markets pricing a rate increase as a near certainty. While hiring was robust and wage gains strong, the pace might not be fast enough to force the central bank to accelerate its timeline for future rate hikes from the current forecast of three.

On the stock market The S&P 500 climbed 0.5 percent to 2,376.44 at 10:01 a.m. in New York, paring a weekly slide to 0.3 percent. The Stoxx Europe 600 Index rose 0.3 percent, as the FTSE 100 gained 0.5 percent.

Regarding the currencies, the Bloomberg Dollar Spot Index dropped 0.3 percent, trimming a gain in the week. The euro gained 0.3 percent to $1.0613, rising a second day while the British pound weakened 0.2 percent to $1.2145.

Bloomberg

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