LIVE MARKETS-US stocks jump on rate optimism

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US STOCKS JUMP ON RATE OPTIMISM

US stocks gained on Friday, with the Nasdaq Composite .IXIC reaching an intraday record high, after weaker-than-expected jobs data led traders to further cut bets on a Federal Reserve interest rate hike later this month.

Employers added 29,000 jobs last month, well below the 90,000 estimate of economists polled by Reuters. Traders are now pricing in only 23% odds of a hike at the Fed’s October 27-28 meeting, down from 26% on Thursday and almost 70% earlier this week.

The Dow Jones Industrial Average .DJI rose 0.49%, the S&P 500 .SPX gained 0.73% and the Nasdaq Composite .IXIC ended up 1.19%.

The Nasdaq 100 .NDX, S&P 500 technology index .SPLRCT and S&P growth index .IGX, meanwhile, hit record closing highs.

Treasury yields nonetheless continued to climb, following a brief drop after the jobs report. Benchmark 10-year yields rose just over 4 basis points to about 5.28% on Friday. With this, they are up around 10 basis points for the week, and on track for their fifth consecutive weekly increase.

Here is Friday’s closing market snapshot:

(Karen Brettell)

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