Weak US Jobs Data Sends Nasdaq to Record, Nvidia High
US stocks rose on Friday after a weak September jobs report eased fears of a Federal Reserve rate hike, with the Nasdaq closing at a record high.
The economy added only 29,000 jobs in September, far below the roughly 90,000 economists expected. The unemployment rate ticked up to 4.2 percent.
The Nasdaq composite jumped 1.2 percent to 27,190.86, its second-highest close on record. The Dow rose 251 points and the S&P 500 gained 0.7 percent.
Nvidia hit a new all-time high as chip stocks rallied. Traders now see just a 24 percent chance of a Fed rate hike in October, down from 64 percent a week ago.
The Fed’s next policy meeting is on October 27-28. Treasury yields fell after the report, with the 10-year note at about 5.27 percent.
Chip stocks including Teradyne and Arm Holdings rose more than 5 percent each. The small-cap Russell 2000 also added 0.8 percent on the day.
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