S&P 500 Bounces 1% After Weak Jobs Data Stokes Rate-Cut Optimism
Traders work on the floor of the New York Stock Exchange (NYSE) in New York on Aug. 1.
Photographer: Michael Nagle/BloombergUS stocks jumped Monday after the latest employment data last week showed a sharp slowdown in job growth, lifting expectations the Federal Reserve will cut interest rates to support the economy.
The S&P 500 Index rallied 1.5% in New York, while the technology-heavy Nasdaq 100 Index rallied 1.9%, the biggest gains for each benchmark since May. The moves come after a selloff Friday that saw both gauges drop more than 1% for the first time in more than a month.