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Wall Street climbs on bull market's birthday as inflation fears ebb

Reuters  |  NEW YORK 

By Sinead Carew

(Reuters) - To celebrate the bull market's ninth birthday on Friday, the three climbed almost 2 percent and the closed at a record high, as February's jobs report assuaged fears of and aggressive interest rate hikes.

A month ago, the market had been spooked by wage growth that fueled fears, leading to a spike in volatility and a stock market correction. That sentiment has reversed over recent weeks with the market gradually nudging higher.

The bull market, which began on March 9, 2009, is the second longest on record, leading to questions about how much longer it can last.

Along with the jobs data, stocks were supported by easing fears of trade wars and signs of a thaw in nuclear tensions with after U.S. said he was prepared to meet the country's

Inflationary fears dissipated on Friday after data showed jumped by 313,000 jobs last month, while average hourly earnings rose only 0.1 percent compared with a 0.3 percent rise in January.

"If we can continue like that - keep the participation increasing and keep wages steady - that's going to be a positive scenario so the market doesn't get overly worried about running away," said Catherine Avery, of in Greenwich,

But investors will be watching closely to see if data from one month becomes a trend, Avery said.

The <.DJI> rose 440.53 points, or 1.77 percent, to end at 25,335.74, the 500 <.SPX> gained 47.6 points, or 1.74 percent, to 2,786.57 and the Composite <.IXIC> added 132.86 points, or 1.79 percent, to 7,560.81.

The spiked higher ahead of the close around the time the issued a report that Trump's lawyers are seeking to use an interview with the as leverage to end special Robert Mueller's investigation. The story cited an unnamed person familiar with the discussions.

"The market is being driven by a very strong jobs report and lack of wage The Goldilocks reappears. But anything that accelerates the (probe) and removes some uncertainty is good. The financial markets really dislike uncertainty," said Tim Ghriskey, at Inverness in

While the Dow ended 4.8 percent below January's record high, it was 8.5 percent above its February lows. The closed 3 percent below its January record high but 10 percent above last month's lows.

For the week the rose 3.5 percent while the Dow gained 3.25 percent and rose 4.2 percent.

Advancing issues outnumbered declining ones on the NYSE by a 2.77-to-1 ratio; on Nasdaq, a 2.81-to-1 ratio favored advancers.

The 500 posted 62 new 52-week highs and no new lows; the Composite recorded 214 new highs and 16 new lows.

Volume on U.S. exchanges was 6.82 billion shares, compared to the 7.47 billion average for the last 20 trading days.

(Additional reporting by and in New York, and Ankur Banerjee and Parikshit Mishra in Bengaluru; Editing by and James Dalgleish)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sat, March 10 2018. 03:06 IST