The S&P 500 increased on Friday as traders viewed an unexpected jobs report for July as a sign that the Federal Reserve may not need to raise interest rates soon, allowing monetary policy to remain on hold for now.
The broad market index gained 0.5%, with the Nasdaq Composite performing even better, rising 1%. The Dow Jones Industrial Average added 95 points, or 0.2%.
Stocks are set for a second consecutive week of gains.
The S&P 500, which recently closed above 7,700 for the first time, has increased over 3% so far this week.
The Nasdaq could record its best weekly performance since April, climbing nearly 5%, driven by a rebound in chip stocks.
The iShares Semiconductor ETF (SOXX) is up about 7% this week. Meanwhile, the Dow has gained close to 3% during the same period.
Source (CNBC)
