U.S. Stocks Rise, Dollar Falls as Data Back Hike: Markets Wrap
- Hiring rises past 200,000, clearing way for higher rates
- S&P 500 trims weekly loss as Treasuries halt nine-day slump
Bill Gross Says Stock Market Is on a 'Sugar High'
U.S. stocks rose after jobs data cleared the way for the Federal Reserve to raise interest rates without forcing it to accelerate the pace for future tightening. The dollar fell versus the euro after European Central Bank policy makers were said to have considered their ability to tighten before a bond-buying program comes to an end.
The S&P 500 Index pared its first weekly loss in seven after U.S. employers added jobs at an above-average pace for a second month, bolstering confidence in the economy. The yield on 10-year Treasuries headed lower for the first time in 10 days, while the dollar retreated versus its major peers. The euro strengthened past $1.06 as a person familiar with the ECB meeting Thursday said officials discussed if it is possible to raise rates before stopping quantitative easing. Gold was little changed near $1,200 per ounce after four days of declines. Crude fell below $49 a barrel to cap its worst week since November.