NEW YORK, Oct 3 — Wall Street stocks advanced yesterday after weak US jobs data lowered the odds of Federal Reserve rate hikes.
Major US indices spent most of the day solidly in positive territory following the lacklustre hiring data for September. Equities were also supported by a pullback in oil prices after G7 countries agreed to an emergency release of fuel reserves in light of the US-Iran war.
Data showed that employment in the United States grew by 29,000 jobs in September, missing analysts’ expectations of around 90,000, with the unemployment rate rising slightly to 4.2 per cent.
The jobs report “is lousy for the economy, but could keep the Fed from making trouble, and so the market was pretty good with it,” said Chris Low of FHN Financial.
