The S&P 500 increased on Friday as traders interpreted an unexpectedly weak jobs report for July as a sign that the Federal Reserve may not need to raise interest rates soon, allowing monetary policy to stay on hold for now.
The broad market index gained 0.6%, with the Nasdaq Composite outperforming, rising 1.2%. The Dow Jones Industrial Average added 98 points, or 0.2%.
For the week, stocks are on track for a second consecutive gain.
The S&P 500 has climbed over 3% so far, and the Nasdaq could deliver its best weekly performance since April with a rise of approximately 5%, driven by a rebound in chip stocks.
Source (CNBC)
