NEW YORK (APP): US stocks ended higher on Saturday. The Dow Jones Industrial Average rose 288.01 points, or 0.87 percent, to 33,407.58. The S&P 500 added 50.31 points, or 1.18 percent, to 4,308.5.
The Nasdaq Composite Index increased 211.51 points, or 1.60 percent, to 13,431.34. US dollar falls despite stunning jobs additions The US dollar lost in late trading on Friday, despite US job gains being far higher than expected and above August’s total of 227,000. The dollar index, which measures the greenback against six major peers, decreased 0.28 percent to 106.0454 in late trading. T
he US job growth heated up in September, adding 336,000 positions, according to data released Friday by the Bureau of Labor Statistics. While September marked the 33rd consecutive month of job growth for the United States, the Federal Reserve has been aiming to slow the economy and cool down the labor market.
The US dollar eased after a brief rise, wiping out all its daily gains. JPMorgan Chase’s chief US economist Michael Feroli said Friday that the hotter-than-expected jobs report is unlikely to change the Federal Reserve’s expected decision to pause interest rates in November, but data showing a surprise increase in inflation could be what drives the central bank to raise rates.
“If that happens, the already tenuous case for avoiding recession next year gets harder to make,” Feroli wrote in a note on Friday. Markets see a roughly 68 percent chance that the Fed pauses rates in November, according to the CME FedWatch Tool. For December, the tool shows a 58 percent expectation of another pause.
