Wall Street Gains as Rate Hike Bets Fall

Wall Street markets rose today, Friday, after the release of employment data that came in weaker than expected, leading to a decline in expectations of a rate hike by the Federal Reserve in the October meeting. The Department of Labor reported that non-farm jobs increased by 29,000 last month, with significant revisions to the figures for the previous two months, compared to economists' forecasts of 90,000 jobs. The weaker data reduced the probability of a rate hike to 22.7% from 24.4% in the previous session, which supported gains in major indices; the S&P 500 rose by 0.76%, the Nasdaq by 1.19%, and the Dow Jones by 0.51%. Analysts confirmed that the data reinforce the likelihood of keeping interest rates steady for now, amid lingering concerns about inflation's impact on the economic outlook.

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