Stocks Climb as Jobs Report Dims Hawkish Fed Bets: Markets Wrap

Stocks Climb as Jobs Report Dims Hawkish Fed Bets: Markets Wrap

(Bloomberg) -- Stocks climbed on speculation the economy is recovering at a pace that won’t make the Federal Reserve imminently take away the liquidity punch bowl that has helped push the market to a record.

In a feat not seen since 1997, the S&P 500 closed at an all-time high for a seventh straight day. That was after data showed U.S. job growth surged the most in 10 months, while the unemployment rate edged up to 5.9%. The report bolstered views the central bank won’t rush to taper its stimulus program any time soon. Tech shares consolidated this week’s leadership position, while economically sensitive companies underperformed. The dollar fell alongside 10-year Treasury yields.

“Today’s jobs report was overall stronger, but not strong enough to raise inflation and tightening concerns,” wrote Fawad Razaqzada, an analyst at ThinkMarkets. “It keeps the ‘goldilocks’ scenario intact for stocks, and encourages dollar longs to ease off the gas ahead of the long weekend break.”