U.S. stocks are higher Friday after a slightly weak jobs report reassures investors that the Federal Reserve probably won’t raise interest rates, The Wall Street Journal reports.
Gasoline futures surged and crude oil was down, as flooding and damage from Tropical Storm Harvey shut nearly a quarter of U.S. refinery capacity, curbing demand for crude while raising the risk of fuel shortages.
The S&P 500 (INDEX: SPX) index rose 6 points, or 0.3%, to 2,478. The Dow Jones industrial average gained 70 points, or 0.3%, to 22,018. The Nasdaq composite (NASDAQ: NDAQ) added 4 points, or 0.1%, to 6,432.
European stocks booked solid early gains Friday after strong factory data underpinned the region's economic recovery.
Germany’s DAX 30 index, rose 0.72% rallied 0.7% to close at 12,142.64, while France’s 40 index gained 0.74% added 0.7% to finish at 5,123.26.
“The market is looking at economic news that is below expectations as a sign that the Federal Reserve is not going to do much in terms of interest rate hikes, and the stock market is looking at it as good,” said Scott Wren, senior global equity strategist for Wells Fargo Investment Institute.