⚠️BREAKING: *U.S. STOCKS RALLY, VIX TUMBLES AFTER STRONG JOBS REPORT SENATE PASSES DEBT CEILING BILL $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
- U.S. stock indexes rose on Friday after a moderation in wage growth in May boosted bets that the Federal Reserve will skip raising interest rates this month, while investors cheered the country averting a catastrophic debt default.
The Labor Department's closely watched employment report showed unemployment rate at 3.7% in May against a forecast of 3.5%, while average hourly earnings were at 0.3%, down from 0.4% in April, highlighting a cooling in wage inflation."This is a reflection of a labor market that, while still robust, is softening gently, not rapidly. That's exactly what the Fed would like to see," said Art Hogan, chief market strategist at B Riley Wealth in New York.
The data brought relief to investors who now expect the Fed to skip an interest rate hike this month for the first time since starting its aggressive policy tightening more than a year ago.
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