New York (CNN Business)Wall Street mostly brushed off the surprisingly weak jobs report, which showed far fewer jobs were added last month than expected.
The Dow and the S&P 500 were both up a bit Friday morning, and the Nasdaq soared 0.8% as big tech stocks bounced after a recent stretch lagging the broader market. The jobs report also showed that the unemployment rate ticked up and wages surged. The jump in worker paychecks may not seem like a bad thing, it tends to set off alarm bells about inflation. And many economists are worried inflation is due to come roaring back because of all the stimulus from Washington.
Still, investors seemed unfazed Friday morning.
One year after the worst jobs loss on record, millions of Americans remain out of workOne possible reason for the rally is that investors may be betting that the Federal Reserve will not pull back on its easy money policies that have propped up financial markets anytime soon — something traders started to worry about after Treasury Secretary and former Fed Chair Janet Yellen recently suggested that rates may soon need to head higher.
Source: edition.cnn.com
