LIVE MARKETS-US stocks jump on rate optimism

By Reuters News

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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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EARLIER ON LIVE MARKETS:

AI STOCK CONCENTRATION NEARS PAST BUBBLE PEAKS CLICK HERE

AAII SENTIMENT IMPROVES, BUT BEARS STILL DOMINATE CLICK HERE

PLAYING IT COOL: WEAK JOBS REPORT DAMPENS RATE HIKE ODDS CLICK HERE

WALL STREET CLIMBS AFTER SOFT JOBS DATA; NASDAQ EYES RECORD CLOSE CLICK HERE

S&P 500 FUTURES ADD TO GAINS, YIELDS DROP AFTER JOBS DATA CLICK HERE

BUND-BTP SPREAD TO GO BACK TO 150 BPS, SAYS UBS CLICK HERE

FRENCH IG CREDIT SHRUGS OFF OAT DRAMA, FINANCIALS TAKE HIT CLICK HERE

CALM TILL PAYROLLS, PERHAPS CLICK HERE

BEFORE THE BELL: EUROPE CALMER, BUT FRAGILE CLICK HERE

MORNING BID: CAN TREASURIES RALLY FOR A SECOND DAY? CLICK HERE


Monitor https://tmsnrt.rs/3U09rod

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