U.S. Stocks Surge as Jobs Miss Gives Fed ‘Another Prod’ on Rates
- S&P 500 contracts hold gains after jobs growth disappoints
- Bets mount that easing, trade detente growing more likely
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Stocks surged as traders focused on the interest-rate implications of a U.S. labor market report that showed job creation trailed every estimate in May. Payrolls rose 75,000 after a downwardly revised 224,000 advance the prior month.
The S&P 500 jumped 0.9% as of 10:17 a.m. in New York, poised for its biggest weekly gain since November. Traders and strategists were divided on how seriously the Federal Reserve will take the second anemic employment report in four months.