Wall Street Has Its Best Week Since April. Here’s What Triggered the Rally.
TLDR
- The Nasdaq gained 5% for the week, the S&P 500 rose nearly 3.5%
- The US economy lost 23,000 jobs in July, well below the 80,000 expected
- Unemployment dipped slightly to 4.1% from 4.2%
- Odds of a September Fed rate hike fell to 42%, down from 55%
- Attention now shifts to the July CPI report due August 12
US stocks finished higher on Friday, capping their best week since April, after a weaker-than-expected jobs report cooled fears of another Federal Reserve rate hike.
The Dow Jones Industrial Average rose 151 points, or 0.3%. The S&P 500 gained 0.6%, and the Nasdaq climbed 1.3% on the day.
For the week, the gains were larger. The Nasdaq jumped 5%, and the S&P 500 rose nearly 3.5%. All three major indexes posted winning weeks.
The catalyst was the July jobs report, released Friday morning by the Labor Department. The US economy lost 23,000 nonfarm payroll jobs last month. Economists had expected a gain of 80,000.
BREAKING: The US economy unexpectedly loses -23,000 jobs in July, well below expectations of +85,000.
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