United States

Stock markets climb despite disappointing jobs report data

Topsy-turvy thinking is back in style on Wall Street. Bad news on Friday — that the US economy only added 75,000 jobs last month, sorely short of the 175,000 analysts expected — was hailed as good news on Wall Street, with traders betting that the lousy jobs data will boost the likelihood of looser rates from the Fed. The Dow Jones industrial average soared 263.28 points to close at 25,983.94, as the Labor Department’s disappointing data for May bolstered hopes that the Federal Reserve will cut interest rates as soon as next month — slashing borrowing costs for consumers and businesses alike. The S&P 500 and Nasdaq also popped, ending the day up 1.1 percent and 1.7 percent, respectively. Economists surveyed by Bloomberg now b ...