MARKETS: Stocks open higher after report showed unemployment rate dropping to a five-decade low, even as job growth shows signs of slowing.
Stocks climbed Friday after a report showed the U.S. jobs market is still growing enough for the unemployment rate to drop to a five-decade low, even though it’s slowing.
“While the bears may take this as a further confirmation of a slower economy, it is actually a pretty strong read, especially when you factor in previous revisions” said Mike Loewengart, vice president of investment strategy at E-Trade Financial. KEEPING SCORE: The S&P 500 was up 0.7%, as of 10 a.m. Eastern time. The index, though, remains down 1% for the week.
Friday’s mixed report shows a jobs market that is slowing but still growing, and economists said it perhaps means a rate cut at the Federal Reserve’s meeting later this month is no longer a slam dunk. In Asia, Tokyo’s Nikkei 225 added 0.3%, while Hong Kong’s Hang Seng tumbled 1.1% and Seoul’s Kospi fell 0.5%.
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