Dow registers record high close as US jobs data eases economic worries
U.S. job gains increased in September by the most in six months, and the unemployment rate fell to 4.1%, the report showed.
The data «basically tells us economic activity in the fourth quarter is likely to remain at a solid pace,» said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
«It's a good surprise, but I also think it may now slow the pace of rate cuts.»
Traders further reduced bets on a 50-basis-point reduction at the Federal Reserve's Nov. 6-7 meeting. Traders are now pricing in just an 8% chance of a 50-bps rate cut, down from around 31% earlier on Friday, the CME Group's FedWatch Tool showed.
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