Nasdaq Rises 1% as Weak Jobs Data Eases Rate Hike Fears
U.S. stocks closed higher after a weaker-than-expected jobs report reduced expectations of Federal Reserve rate hikes. Nonfarm payrolls increased by only 29,000, far below the forecast of 90,000. The S&P 500 real estate index and Russell 2000 small-cap index gained about 1% as investors reassessed the likelihood of Fed tightening. However, the Dow and S&P 500 have declined in four of the past five weeks.
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