Nasdaq rises 1%, Dow, S&P close higher as weak jobs data tempers rate hike bets

The Nasdaq rose by 1% as US stocks finished higher, despite a weaker-than-expected jobs report. This jobs data, which showed nonfarm payrolls rose by only 29,000, was significantly below economists' forecasts of 90,000. The lower-than-expected jobs numbers have eased rate hike expectations, which is good news for investors. This means that the Federal Reserve may not raise interest rates as aggressively as previously thought, which can be beneficial for the economy and stock markets.

Why it matters

The weak jobs data reduces the likelihood of a rate hike, which is positive for stocks. This could lead to increased investor confidence and higher stock prices.

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