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Wall Street ended the week at record highs, as a surprisingly weak jobs report gave investors another reason to bet against a near-term Federal Reserve rate hike.
The Dow Jones Industrial Average finished at 54,036, up 2.96 percent for the week. The S&P 500 added 3.38 percent to close at 7,757. The Nasdaq was the week’s standout, soaring 5.19 percent, while the small-cap Russell 2000 finished 3.52 percent higher. The CBOE Volatility Index, meanwhile, dipped 6.95 percent to settle at 14.87—a sign that fear is draining out of the market just as fast as the rally is building in.
The catalyst came on Friday morning, when the July labor market report showed the United States unexpectedly lost 23,000 nonfarm jobs, on top of a downwardly revised 20,000 gain in June—far from the 80,000 increase economists had forecast….
The Dow Jones Industrial Average finished at 54,036, up 2.96 percent for the week. The S&P 500 added 3.38 percent to close at 7,757. The Nasdaq was the week’s standout, soaring 5.19 percent, while the small-cap Russell 2000 finished 3.52 percent higher. The CBOE Volatility Index, meanwhile, dipped 6.95 percent to settle at 14.87—a sign that fear is draining out of the market just as fast as the rally is building in.
The catalyst came on Friday morning, when the July labor market report showed the United States unexpectedly lost 23,000 nonfarm jobs, on top of a downwardly revised 20,000 gain in June—far from the 80,000 increase economists had forecast….
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