Gain good traction, Nasdaq soars over 1.5% to hit record high on pared Fed hike bets after jobs report

U.S. stocks marched higher on Friday, as investors received a softer-than-expected September jobs report that potentially gives the Federal Reserve some breathing room to hold rates steady and not immediately tighten monetary policy.

At 10:16 ET (14:16 GMT), the benchmark S&P 500 surged 1% to 7,743.96 points, while the blue-chip Dow Jones Industrial Average rose 0.5% to 51,194.35 points. The tech-heavy NASDAQ Composite jumped 1.7% to 27,334.44 points, taking out a new record intraday high.

September jobs growth slowest of the year

According to the U.S. Bureau of Labor Statistics, nonfarm payrolls rose 29k last month, significantly lower than the estimated figure of 89k. The monthly growth was the slowest of the year. Moreover, nonfarm employment in July and August combined were revised down by 60k. Meanwhile, the unemployment rate ticked up to 4.2% in September from 4.1% in August.