Indexes climb as US jobs data eases worries about economy
US job growth surges in Sept; unemployment rate falls to 4.1%
Spirit Airlines tanks after report of bankruptcy filing
Energy sector set for biggest weekly jump in two years
Indexes up: Dow 0.3%, S&P 500 0.4%, Nasdaq 0.7%
Updates to 2:20 p.m. ET/1820 GMT
By Caroline Valetkevitch
NEW YORK, Oct 4 (Reuters) - The major U.S. stock indexes were higher on Friday afternoon as a stronger-than-expected U.S. jobs report reassured investors who had worried the economy may be getting too weak.
U.S. job gains increased in September by the most in six months, and the unemployment rate fell to 4.1%, the report showed.
Traders further reduced bets on a 50-basis-point reduction at the Federal Reserve's Nov. 6-7 meeting. Traders are now pricing in just an 8% chance of a 50-bps rate cut, down from around 31% earlier on Friday, the CME Group's FedWatch Tool showed.
The data "basically tells us economic activity in the fourth quarter is likely to remain at a solid pace," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
"It's a good surprise, but I also think it may now slow the pace of rate cuts."
The Fed kicked off a monetary easing cycle last month by cutting rates 50 bps.
Small caps were outperforming, with the Russell 2000 .RUT index up 1.1%, and the S&P 500 financials index .SPSY also was up 1.1%.
The Dow Jones Industrial Average .DJI rose 133.68 points, or 0.32%, to 42,145.27, the S&P 500 .SPX gained 24.02 points, or 0.42%, to 5,723.96 and the Nasdaq Composite .IXIC gained 126.26 points, or 0.70%, to 18,044.73.
The S&P energy index .SPNY was up 1% for the day, following oil prices higher. With tensions in the Middle East escalating, the index was up 6.8% so far for the week, on track for its biggest weekly percentage gain since October 2022.
U.S. ports on the East and Gulf coasts reopened, but clearing the cargo backlog will likely take time.
Among stocks, SpiritAirlines SAVE.N dropped 27% after a report showed the carrier was in talks with bondholders about a potential bankruptcy filing.
Rivian RIVN.O shares fell 5% afterthe electric vehiclestartup cut its full-year production forecast and delivered fewer vehicles than expected in the third quarter.
Third-quarter earnings for S&P 500 companies are expected to unofficially begin next week.
Advancing issues outnumbered decliners by a 1.52-to-1 ratio on the NYSE. There were 224 new highs and 25 new lows on the NYSE.
On the Nasdaq, 2,724 stocks rose and 1,383 fell as advancing issues outnumbered decliners by a 1.97-to-1 ratio.
Rising unemployment, rising risk https://reut.rs/4dvNtxQ
Additional reporting by Johann M Cherian and Purvi Agarwal in Bengaluru; Editing by Pooja Desai and David Gregorio
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