US jobs data boosts stocks as oil prices dip

Fuel storage tanks are pictured at the CCMP (Compagnie Commerciale de Manutention Petroliere) petroleum depot in Pauillac, north of Bordeaux, south-western France, on Mar 10, 2026. (Photo: AFP/Philippe Lopez)

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NEW YORK: Major US indices spent most of the day solidly in positive territory following the lackluster hiring data for September. Equities were also supported by a pullback in oil prices after G7 countries agreed to an emergency release of fuel reserves in light of the US-Iran war.

Data showed that employment in the United States grew by 29,000 jobs in September, missing analysts' expectations of around 90,000, with the unemployment rate rising slightly to 4.2 per cent.

The jobs report "is lousy for the economy, but could keep the Fed from making trouble, and so the market was pretty good with it," said Chris Low of FHN Financial.

"Today's report may revive the 'bad news is good news' narrative, but hoping for a weaker labor market just to secure easier financial conditions is a poor tradeoff," said eToro analyst Bret Kenwell.

Following a positive day on European bourses, the S&P 500 finished up 0.7 per cent, with 10 of 11 sectors in positive territory.

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