Wall Street rallies in wake of jobs report
Still, for a third consecutive week the Dow and S&P 500 lost ground.
“It’s sort of a Goldilocks report: it’s not strong enough to move the Federal Reserve away from cutting rates at the end of October, but it’s not weak enough to make you concerned about the labor market or the consumer,” said Shawn Snyder, head of investment strategy at Citi Personal Wealth Management in New York.
Traders see a 77.5% chance that the central bank will lower borrowing costs at its policy meeting later this month, up from 40% on Monday. The Fed cut rates in September for the second time this year and said future reductions would be “data-dependent.” “Although market participants have been selling stocks and buying bonds, at the end of the day you say, ‘Gee, I still have to have some return for my investment, and that’s going to come from stocks,’” said Tom Martin, senior portfolio manager at GLOBALT Investments.
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