Wall St rises after strong September jobs data boosts market confidence
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US job growth surges in Sept; unemployment rate falls to 4.1%
Spirit Airlines tanks after report of bankruptcy filing
Rivian slips after slashing full-year production forecast
Energy sector poised for biggest weekly jump in two years
Indexes up: Dow 0.62%, S&P 500 0.71%, Nasdaq 1.11%
Updated at 09:46 a.m. ET/1346 GMT
By Johann M Cherian and Purvi Agarwal
Oct 4 (Reuters) - U.S. stocks surged on Friday, with the S&P 500 near a record high as investors cheered a crucial labor report which allayed concerns of a weakening jobs market and bet on a smaller interest-rate cut by the Federal Reserve at its next meeting.
A Labor Department report showed job growth accelerated in September and unemployment had slipped to 4.1%, further diminishing the need for the Federal Reserve to maintain large interest-rate cuts at its two remaining meetings this year.
Traders raised their bets on a 25-basis-point reduction at the Fed's November meeting to 94.5%, up from more than 71% before the data was out, according to the CME Group's FedWatch Tool.
"For the economy, it means that a soft landing is happening. We continue to add jobs at a rapid clip and the unemployment rate continues to tick down," said Ross Mayfield, investment strategist at Baird.
"It means the Fed is unlikely to cut (by) 50 basis points in November or December, certainly, and maybe even take a pause in November."
The Dow Jones Industrial Average .DJI rose 258.48 points, or 0.62%, to 42,270.70, the S&P 500 .SPX gained 40.75 points, or 0.71%, to 5,740.47 and the Nasdaq Composite .IXIC gained 198.25 points, or 1.11%, to 18,116.72.
The small-cap Russell 2000 index .RUT jumped 1.6%.
Nine of the 11 S&P 500 sectors trended higher, with Consumer Discretionary .SPLRCD leading with a 1.7% rise.
The yield on two-year Treasury notes US2YT=RR rose to 3.857% after the data's release. US/
Rate-sensitive growth stocks such as Tesla TSLA.O added 3.6%, Amazon.com AMZN.O climbed 2.8% and AI-chip giant Nvidia NVDA.O rose 0.8%, lifting the Philadelphia SE Semiconductor index .SOX 2%.
Big banks also climbed, with JPMorgan Chase & Co JPM.N adding 2.2% and Morgan Stanley MS.N gaining 2.6%, sending the broader Banks index .SPXBK up 2.2%.
The labor market has been under greater scrutiny after the U.S. central bank slashed interest rates in September by a rare 50 basis points to stave off further weakening in employment.
Wall Street's main indexes were set to end October's first week flat to slightly lower, asinvestors remained jitteryabout a potential escalation inMiddle East hostilities, as well asthe workers' strike earlier this week.
Energy stocks such as ExxonMobil XOM.N and SLB SLB.N climbed 0.6% each andChevron CVX.N crept up 0.3%as crude prices surged on worries ofsupply disruptions in the Middle East due to the widening conflict in the region.
The S&P 500 Energy sector .SPNY is on track to log its biggest weekly jump in two years if gains hold.
Meanwhile, ports on the East and Gulf Coasts began reopening late on Thursday after workers reached a wage deal, but clearing the cargo backlog will likely take time. U.S. shares of Zim Integrated Shipping Services ZIM.N were down 12.5%.
Among others, Spirit Airlines SAVE.N nosedived 30% after a report showed the carrier was in talks with bondholders about a potential bankruptcy filing after its failed merger with JetBlue Airways JBLU.O.
Rivian RIVN.O shed 4.3% after the EV startup cut itsfull-year production forecast and delivered fewer vehicles than expected in the third quarter.
Advancing issues outnumbered decliners by a 2.29-to-1 ratio on the NYSE, and by a 3.35-to-1 ratio on the Nasdaq.
The S&P 500 posted 26 new 52-week highs and one new low, while the Nasdaq Composite recorded 57 new highs and 28 new lows.
Rising unemployment, rising risk https://reut.rs/4dvNtxQ
Reporting by Johann M Cherian and Purvi Agarwal in Bengaluru; Editing by Pooja Desai
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