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Stocks Jump Following Job Growth Cooldown

Stock futures surged on Friday after data showed a cooldown in job growth. This data has reinforced hopes that the Federal Reserve will bring an end to its interest rate hiking campaign.

Futures listed on the Dow Jones Industrial Average rose 0.4% as did the S&P 500. Contracts on the tech-heavy Nasdaq 100 advanced by 0.3%. All three indexes recovered from losses sustained earlier in the session.

150,000 jobs were added to the US economy in October, falling short of the 180,000 jobs that were expected to be added. The unemployment rate rose to 3.9%. According to the  Bureau of Labor Statistics, the fall in the pace of job growth was affected by auto industry strikes.

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