U.S. stocks closed higher Tuesday as investors anticipated that lackluster hiring will push the Federal Reserve (Fed) to keep its monetary stimulus as is in the months ahead.
In U.S. economic news, the September jobs report, which was delayed more than two weeks because of the partial government shutdown, showed that the economy gained just 148,000 jobs last month. But the unemployment rate ticked down to 7.2 percent, the lowest since November 2008. Still, the numbers suggest that the U.S. economic recovery remains fragile and that the Fed will likely keep buying $85 billion in bonds each month for a bit longer.
In international economic news, European markets closed with modest gains. Asian markets ended the day mixed. Stocks in Hong Kong fell after a weak earnings report from China Mobile, while Japan’s Nikkei inched higher.
The Dow Jones industrial average rose 75.46, or 0.49 percent, to 15,467.66. The broader Standard & Poor’s 500 index gained 10.01, or 0.57 percent, to 1,754.67. The technology-heavy Nasdaq composite index climbed 9.52, or 0.24 percent, to 3,929.57.