U.S. Equity Markets gained along with Treasuries after solid hiring data quelled recession fears without crushing the odds of future Federal Reserve easing. The US Dollar declined. The S&P 500 rose the most in seven weeks — though still suffered its third weekly loss — after payrolls slightly missed estimates for September, while August’s reading was revised upward. Traders trimmed their bets on the results, but the odds still favoured a Fed rate cut this month. Chair Jerome Powell did little to change the speculation, saying Friday the economy “faces some risks” but is overall “in a good place.” Tech paced the advance, with Apple Inc. leading benchmark members amid reports of stronger-than-expected sales of its newest phone. The 10-year Treasury rate dropped for the seventh session in a row, and the US Dollar fell for a fourth straight day. West Texas oil rose toward $53 a barrel. Meanwhile, Boris Johnson doubled down on his pledge to take Britain out of the European Union on Oct. 31 without a deal if necessary, two days after it emerged he had promised to obey a law forcing him to send a letter requesting a delay if he can’t get an agreement with the bloc. The U.K. PM’s latest promise to deliver Brexit in an op-ed in The Sun on Sunday comes as he tries to persuade the EU to negotiate a new deal along the lines of the one he proposed during the week. It envisaged keeping Northern Ireland in regulatory alignment with the Republic of Ireland, so long as the region’s political leaders agree to it every four years. But the EU so far has pushed back, and Irish Prime Minister Leo Varadkar has suggested Friday is a “reasonable” deadline for Johnson to come up with revised proposals.
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