US stocks advance for second week
American stocks rose on Friday, with the S&P 500 achieving gains for the second consecutive week, as investors believed that the decline in jobs in July increases the likelihood that the Federal Reserve won't need to raise interest rates soon. The index increased by 0.3%, while Nasdaq gained 0.9%, and the Dow added 67 points (0.1%). In the July non-farm payroll report, the number of jobs decreased by 23,000, despite expectations of an increase of 83,000 jobs, leading to the unemployment rate dropping to 4.1%. Traders expect the Federal Reserve to keep interest rates steady at their current level between 3.50% and 3.75% at the September meeting. Software company stocks led the market, with Cloudflare rising 10% and Atlassian soaring 34%, driven by positive earnings expectations and financial results. Oil prices remained largely unchanged amid anticipation of a possible agreement between the United States and Iran to reopen the Strait of Hormuz, with West Texas Intermediate trading around $77 and Brent at $82.
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