Stocks Edge Up After Surprise Drop in Unemployment Rate; Fed Rate Cut Hopes Ease
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Stocks rose slightly after a surprise drop in US unemployment rate to 3.7% in November jobs report, easing pressure on the Fed to cut interest rates soon.
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The Dow rose 0.1%, the S&P 500 edged up 0.1%, and the Nasdaq gained 0.2% as investors assessed the jobs data and its implications for Fed policy.
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UK antitrust regulator said it will review Microsoft's partnership with OpenAI for potential merger concerns amidst AI buzz lifting tech stocks.
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Oil prices rebounded 2% but still head for longest losing streak in 5 years as market weighs whether OPEC+ cuts can prevent a glut.
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Hotter jobs data lowered expectations for a Fed rate cut in early 2023, with wage growth slowing while job gains continue, supporting Fed's soft landing outlook.