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Weak US Jobs Data Cuts Fed Hike Odds, Lifting Equity Indexes

10/2/2026

US equity indexes advanced on Friday, with the Nasdaq Composite leading the three benchmark gauges, after a weak September jobs report reduced the probability of a Federal Reserve interest rate hike in October.

The Nasdaq Composite rose 1.1% to 27,159.5, the S&P 500 climbed 0.7% to 7,716.1, and the Dow Jones Industrial Average gained 0.4% to 51,104.6 ahead of the close.

All but two sectors posted gains, with consumer discretionary, materials, and technology leading the advance.

The Bureau of Labor Statistics reported that nonfarm payrolls increased by 29,000 in September, a figure below the 90,000 increase expected in a Bloomberg-compiled survey.

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