iStock/Thinkstock(NEW YORK) — An underwhelming jobs report pushed Wall Street higher Friday as investors seemed to think it would delay a rate hike from the Fed this month.
The Dow gained 72.66 (+0.39 percent) to finish at 18,491.96.
The Nasdaq jumped 22.69 (+0.43 percent) to close at 5,249.90, while the S&P 500 finished at 2,179.98, up 9.12 (+0.42 percent) from its open.
Crude oil soared over 2 percent with prices hitting about $44 a barrel.
Jobs Report: The U.S. government reported the economy added 151,000 jobs in August with the unemployment rate remaining at 4.9 percent. While the jobs number is slightly lower than expected, the three-month average shows steady hiring with an average of 232,000 jobs added in the last three months. Still, investors see the report as reducing the likelihood of an interest rate raise from the Federal Reserve for September with many predicting the next hike happening in December.
Winners and Losers: Shares in Lululemon Athletica Inc. slumped 11 percent after reporting revenue in the second-quarter was below investors’ expectations. Investors reacted to the athletic apparel retailer’s reduced outlook for this quarter.
Accuride Corporation’s stock skyrocketed over 54 percent after news the commercial vehicle components supplier was going to be acquired by Crestview Partners for $2.58 per share in cash.
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