Friday’s jobs report was one of the more sobering in recent memory, as the 75,000 new jobs added in May came in well below expectations, while downward revisions to estimated job gains for March and April have helped paint a clear picture of a decelerating U.S. economy.

But these dour statistics seemed to only brighten the mood of equity investors, who sent the major U.S. benchmarks rallying for the fourth-straight day Friday, with the S&P 500 SPX, +1.05% index just 2.1% from its all-time high set on May 1, as markets hope data show a decelerating economy will force the Fed to cut rates, just as the Fed funds futures markets have been predicting it will.

Lower interest rates are seen as good for stock

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