Nasdaq Hits Record High as 29,000-Job Report Cuts October Rate-Hike Odds
Updated
Updated · Investor's Business Daily · Oct 2
Nasdaq Hits Record High as 29,000-Job Report Cuts October Rate-Hike Odds
3 articles · Updated · Investor's Business Daily · Oct 2
Summary
The Nasdaq composite closed at a record high Friday, led by chip stocks after a weaker-than-expected September payrolls report sharply reduced expectations for a Federal Reserve rate increase this month.
Nvidia also reached a fresh all-time high as lower-rate hopes boosted growth shares, extending the tech rally that had already pushed the index near records earlier in the session.
The advance was uneven inside tech: Seagate Technology and Western Digital finished with steep losses even as semiconductor names powered the broader Nasdaq higher.
The move followed a jobs report showing 29,000 positions added, a figure that eased inflation concerns, lowered Treasury yields and reinforced the market's view that the Fed may stay on hold in October.