Market Snapshot: Dow closes up 263 points, stocks notch best week of the year as jobs report fuels hopes of a Fed rate cut

  • The U.S. economy created 75,000 new jobs in May, well below 185,000 predicted by economists
  • Weakening economic data support argument for a cut in interest rates as soon as this summer
  • Major benchmarks notch best week since November

U.S. stocks closed higher Friday, following a weaker-than-expected jobs report, which supported the case for the Federal Reserve to ease interest rates in the near future, amid fears that the U.S. economy is decelerating as trade tensions between the U.S. and counterparts Mexico and China persist.

Read:For stocks, bad news is good news once again

How did the benchmarks perform?

The Dow Jones Industrial Average DJIA, +1.02% rose 263.28 points, or 1%, to 25,983.94, while the S&P 500 index SPX, +1.05% gained 29.85 points, or 1.1%, at 2,873.34.

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