US stocks rise near record after latest jobs report calms rattled bond market
NEW YORK — U.S. stocks are rising near their all-time high on Friday after the latest jobs report cooled worries that a potentially hot U.S economy could make inflation much worse. The S&P 500 rose 0.7 percent and pulled within 1 perce. of its record set in August . The Dow Jones Industrial Average was up 164 points, or 0.3 percent, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 1.2 percent higher. All of Wall Street got a jolt after the U.S. government said employers across the country added 29,000 jobs to their payrolls last month. That was fewer than economists expected and a slowdown from August’s hiring rate of 133,000. More importantly for financial markets, it tamped down concerns that the U.S. economy could be so strong that it could fuel inflation even higher. Inflation has remained much worse than anyone would like, and the Federal Reserve recently raised its main interest rate for the first time in three years to try to rein in the painful increases for the cost of living. Even though Americans are feeling more frustrated about inflation and their finances, th
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