Nasdaq Opens 0.6% Higher, S&P 500 Rises To Fresh Record After A Better-Than-Expected June Jobs Report

U.S. stocks rose on Thursday after a better-than-expected jobs report fueled optimism the U.S. economy was hanging tough despite fast-changing trade policy and geopolitics.

Nonfarm payrolls rose by 147,000 in June, the Bureau of Labor Statistics reported Thursday. That’s above the Dow Jones forecast from economists for 110,000 and the upwardly revised 144,000 in May. The unemployment rate also fell to 4.1%, while economists had projected an increase to 4.3%.

Market gains were contained as the strong jobs report also spurred a big spike in Treasury yields and reduced expectations for the Federal Reserve to cut interest rates soon. Fed funds futures traders are currently pricing in a roughly 93% chance that the central bank will hold rates steady at its meeting later this month, per CME Group’s FedWatch tool.