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S&P 500 Rises to Record as Dollar Gains on Jobs Data; Bonds Fall

  • U.S. payrolls surge, beating forecasts; jobless rate at 4.9%
  • Yields on two-year notes climb for first time in four days
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Major: No Central Bank Has Control Over Inflation

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Traders sent U.S. stocks to a record after better-than-forecast jobs data underscored the strength of the world’s largest economy. The dollar rose and Treasuries fell as the report also bolstered the case for higher interest rates.

Both the S&P 500 and Nasdaq Composite Index closed above their all-time highs, while the dollar strengthened against most of its 16 major peers, as payrolls exceeded all estimates in a Bloomberg survey of 89 economists. Yields on two-year notes, the most sensitive to Federal Reserve policy, rose for the first time in four days. Gold, oil and copper retreated. European shares climbed amid thin trading volume.