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US stocks rise amid rate hike jitters
U.S. stocks rose after the July employment report was released, showing a decline of 23,000 non-farm jobs, much lower than expected, as analysts had forecast an increase of 83,000 jobs. This led to a decrease in expectations of interest rate hikes by the Federal Reserve, with traders believing that the central bank will not need to raise rates soon. This sentiment contributed to a rally in the markets, with the S&P 500 rising by 0.6% and the Nasdaq by 1.3%. The three major indices posted their best weekly performance since April, with notable gains in semiconductor stocks. The Nasdaq index alone gained 5% over the week. The unemployment rate fell to 4.1%, while the participation rate dropped to its lowest level in over five years. Most traders expect the Federal Reserve to keep interest rates between 3.50% and 3.75% at its upcoming meeting.
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