Stock market today: US stocks notch 4-week win streak after strong jobs report eases fears of an economic slowdown

• US stocks rose 1% as September jobs report eased fears of an economic slowdown.
• The US added 254,000 jobs, surpassing estimates. The unemployment rate fell to 4.1%.

US stocks surged about 1% on Friday after the September jobs report soothed fears of an economic slowdown.

All three major averages closed slightly higher for the week to cap off a four-week winning streak.

The US economy added 254,000 jobs last month, well ahead of economist estimates of 150,000 jobs. The strong job gains pushed the unemployment rate lower to 4.1% from 4.2%.

The leisure and hospitality sector saw the most job gains in September at 78,000, followed by health care, which added about 72,000 jobs, while government jobs rose by 31,000.

Economists were mostly thrilled with the jobs report, with many arguing that the decline in the unemployment rate while inflation has continued to trend lower was evidence of productivity gains.

"The fact that inflation is easing at the same time means productivity growth is strong, and that should keep the Fed on track for more rate cuts — an added tailwind for the economy and markets," Carson Group strategist Sonu Varghese told Business Insider.

In terms of future rate cuts, the market slashed its expectations of another jumbo 50 basis point cut at the Federal Reserve's next FOMC meeting in November.

According to the CME FedWatch Tool, odds of a 50-basis point cut dropped to 0% from 53% last week. Consensus now expects two 25-basis point rate cuts from the Fed at their next two FOMC meetings before year-end.

"This solid payroll report validates an potential half point reduction in fed funds was completely unwarranted. Fed funds futures market is responding accordingly," LPL Financial chief economist Jeffrey Roach said.

ING's chief economist, James Knightley, said the jobs report was "unambiguously strong."

"On the face of this the Fed should be hiking rates with these sorts of figures, not cutting rates," Knightley said in a note on Friday.

Here's where US indexes stood shortly at the 4:00 p.m. closing bell on Friday:

• S&P 500: 5,751.07, up 0.9%
• Dow Jones Industrial Average: 42,352.75, up 0.81% (_341.16 points)
• Nasdaq composite: 18,137.85, up 1.22%

Here's what else happened today:

• Spirit Airlines stock plunged after a report said it was considering filing for Chapter 11 bankruptcy protection.
• Why one firm is skeptical about the blockbuster jobs report and is still expecting another jumbo rate cut.
• Russia is facing a 'time bomb' at the heart of its economy amid its ongoing war with Ukraine, an economist said.
• Costco is selling platinum bars for $1,090 as it diversifies its booming precious-metals business.
• Nvidia stock moved higher after CEO Jensen Huang said demand for its next-generation GPU chip was "insane."

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil was up 1.00% to $74.45 a barrel. Brent crude, the international benchmark, was higher by 0.55% to $78.05 a barrel.
• Gold was down 0.39% to $2,668.80 an ounce.
• The 10-year Treasury yield was higher by 13 basis points at 3.98%.
• Bitcoin was higher by 2.59% to $62,320.