Wall St rises after jobs data boosts market confidence

[Pelican Press 0]

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Wall St rises after jobs data boosts market confidence

US stocks have surged, with the S&P 500 near a record high as investors cheered a crucial labour report which allayed concerns of a weakening jobs market and bet on a smaller interest rate cut by the Federal Reserve at its next meeting.

A US Labor Department report showed job growth accelerated in September and unemployment had slipped to 4.1 per cent, further diminishing the need for the Federal Reserve to maintain large interest rate cuts at its two remaining meetings this year.

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