The Dow Jones Industrial Average Hits a High as Concerns Over Fed Rate Hikes Ease

U.S. job growth, which was slower than expected, drove most stocks higher, while short-term bond yields fell on expectations that the Federal Reserve will not be forced to raise interest rates in the near future.

Hiring in the United States slowed sharply in June, dampening some of the emerging momentum in job creation this year, with 57,000 nonfarm jobs added last month and the unemployment rate falling to 4.2%.

The recent debate has centered on inflation, but if the employment mandate is reinstated, the likelihood that interest rates will remain unchanged may increase, which would be much better for the market than a rate hike.