A weaker payrolls report was, for one afternoon, good news. Stocks closed higher on Friday after a jobs report showing slower hiring and a modest rise in unemployment revived expectations that the central bank would begin cutting rates early next year. “The market is treating bad news as good news, which works right up until the bad news gets bad enough,” said Priya Natarajan of Meridian Capital. Bond yields fell across the curve, and the dollar weakened against most major currencies. Inflation has slowed. Price levels have not fallen, and the gap between the two explains a lot about the mood. Developers signed contracts when money was cheap. Turbines are being installed when it is not.Markets rally on rate-cut bets as jobs data softens
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