The US economy added a staggering 254,000 jobs in September, blowing past economists’ expectations of 140,000 job gains.
GUEST BLOG / By CNN Business reports--Stocks gained today as investors parsed the eye-popping figures in the latest jobs report.
In early morning trading, the Dow rose 243 points, or 0.6%. The S&P 500 gained 0.8% and the Nasdaq Composite added 1.2%.
The US economy added a staggering 254,000 jobs in September, blowing past economists’ expectations of 140,000 job gains.
The unemployment rate ticked lower to 4.1%, below projections it would remain steady at 4.2%. The strong picture of the US job market has boosted optimism on Wall Street that the US economy is headed for a soft landing, or a scenario in which inflation comes down without a recession.
The Federal Reserve last month cut interest rates by a jumbo half point, and investors have waffled over whether the central bank will cut rates by a quarter- or half-point next month.
Bets for a quarter-point cut in November rose following the latest jobs report, according to the CME FedWatch Tool.
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