Stocks Rally on Fed Bets as Jobs Calm Growth Fears: Markets Wrap
- Powells says econmoy still "in a good place’; Treasuries rise
- West Texas crude turns lower; Japanese yen erases advance
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U.S. stocks gained along with Treasuries after solid hiring data quelled recession fears without crushing the odds of future Federal Reserve easing. The dollar declined.
The S&P 500 rose the most in seven weeks -- though still suffered its third weekly loss -- after payrolls slightly missed estimates for September, while August’s reading was revised upward. Traders trimmed their bets on the results, but the odds still favored a Fed rate cut this month. Chair Jerome Powell did little to change the speculation, saying Friday the economy “faces some risks” but is overall “in a good place.”