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The Economic Times

Business

Why US stocks are rising: Nasdaq hits record after weaker jobs data cools rate-hike bets; Nike shares drop on forecast

Nasdaq NIke United States Nvidia US Federal Reserve Semiconductor Oil

US stocks advanced on Friday, with the Nasdaq Composite hitting a record high, as softer-than-expected jobs data lowered expectations for an imminent Fed rate hike. Falling Treasury yields and oil prices further boosted investor risk appetite.

The Dow Jones Industrial Average rose 306.78 points, or 0.60%, to 51,233.34, the S&P 500 gained 78.31 points, or 1.02%, to 7,744.76 and the Nasdaq Composite gained 447.84 points, or 1.66%, to 27,319.43.

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