Wall Street gained modestly on Friday as a tepid U.S. jobs report kept expectations muted for another interest rate hike this year. Elly Park reports.
U.S. stocks ended the day in the green after investors interpreted a weak jobs report as a sign that no interest rate hike is coming this year. Data showed the U.S. economy added 156,000 jobs in August. That's below the 180,000 economists expected. The unemployment rate edged up. And the average hourly earnings increased at a disappointing rate. Jane Barratt, CEO of GoldBean: (SOUNDBITE) JANE BARRATT, CEO, GOLDBEAN (ENGLISH) SAYING: "The jobs report was weak, but it wasn't bad. Right? One of the great things for the market about the jobs report was that it's gonna be much harder for the Fed to raise rates based on the back of this report, and, so, I think the market is celebrating." Shares of automakers - Ford, General Motors, and Fiat Chrysler - jumped after better-than-expected August sales. Investors also bet that damage from Hurricane Harvey will boost demand. Lululemon stock rose on earnings beat. In Europe, stocks finished higher.