Stocks Climb as Fed Rate Hike Fears Ease on a Weak Jobs Report

Stocks rose as fears of an immediate Fed rate hike eased after a weak US jobs report. The S&P 500 gained 0.67%, the Dow Jones Industrial Average climbed 0.85%, and the Nasdaq 100 added 0.40%, with the S&P 500 hitting a two-week high and the Dow reaching a new all-time peak. Futures also moved higher, including September S&P E-minis up 0.58% and September Nasdaq E-minis up 0.43%. US nonfarm payrolls rose 57,000 in June, below the 113,000 expected, while May was revised lower. June unemployment unexpectedly fell 0.1 point to 4.2%. Markets priced an 18% chance of a 25 bp hike at the July 28–29 FOMC meeting. Oil fell, while European and Asian equities advanced.