Stock market today: Amazon leads Wall Street higher

NEW YORK — Amazon led U.S. stock indexes higher, while a surprisingly weak jobs report marred by some unusual occurrences cemented bets on Wall Street for another cut to interest rates next week. The S&P 500 rose 0.4% Friday and recovered some of its loss from the day before, which was its worst in eight weeks. The Dow Jones Industrial Average gained 0.7%, and the Nasdaq composite added 0.8%. Amazon rallied after delivering a stronger profit for the latest quarter than analysts expected.

Intel, meanwhile, rallied 8.2% despite reporting a worse loss than expected. Its revenue topped analysts’ estimates, and it gave a forecast for results in the current quarter that likewise topped expectations. Cardinal Health was another one of the market's bigger gainers and jumped 7.6% after topping analysts' forecasts for profit and revenue in the latest quarter. It also raised its profit forecast for its fiscal year, which is only in its second quarter.

The nearly unanimous expectation on Wall Street remains for the Federal Reserve to cut its main interest rate by a quarter of a percentage point next week. But the weaker-than-expected jobs report wiped out the slim chance traders had been seeing of the Fed holding rates steady, according to data from CME Group.

The yield on the 10-year Treasury, which also takes future economic growth and other factors into account, likewise rose after a knee-jerk drop. It climbed to 4.36%, up from 4.29% late Thursday. The hope on Wall Street is that the economy will still avoid a recession, even with that expected slowdown in the job market, thanks in part to coming cuts to interest rates by the Fed. The overall economy has so far remained more resilient than feared.

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