U.S. stocks rose, with the benchmark index headed for its best week in almost two months, after a slower-than-forecast gain in employment fueled speculation that any reduction in Federal Reserve stimulus will be limited.
The Standard & Poor’s 500 Index (SPX) climbed 0.3 percent to 1,659.28 at 9:30 a.m. in New York.
“It’s a relatively soft report,” John Canally, investment strategist at Boston-based LPL Financial Corp., which has $373 billion in advisory and brokerage assets, said in a phone interview. “It’s still in a range of Fed tapering. This would push close to taper-light, where they’ll just maybe do $10 billion and wait, rather than doing more.”