Nasdaq Hits Record High on Softer Jobs Data, Cooling Rate-Hike Fears
The Nasdaq Composite reached an intraday record high on Friday, driven by weaker-than-expected US jobs data that diminished expectations of an imminent Federal Reserve interest rate hike. The Labor Department reported nonfarm payrolls increased by only 29,000 jobs.
US stocks rose on Friday, with the Nasdaq Composite reaching an intraday record high after softer-than-expected jobs data reduced expectations for a near-term rate hike from the Federal Reserve. The Labor Department said nonfarm payrolls increased by 29000 jobs.