U.S. stocks rose Friday after August jobs data reassured investors that the Federal Reserve won’t take interest rates much higher.What’s happening The S&P 500 fell 1.8% in August, while the Nasdaq shed 2.2%, the first monthly decline for both indexes since February. The Dow fell 2.4% after back-to-back monthly gains.
Hourly wages rose 0.2% in August. The increase in pay over the past year fell a tick to 4.3%. Fed officials want to see wage growth slow to prepandemic levels of 3% or less. “Earnings were soft as well; only rising 0.2%. But the rise in the unemployment rate will steal the show,” he said.
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