Stocks Rise, S&P 500 Hits Record High

U.S. stocks rose modestly on Friday as investors shrugged off a weaker-than-expected jobs report. The Dow Jones Industrial Average gained 67.78 points, or 0.40%, to 17,137.36. The S&P 500 gained 10.06 points, or 0.50%, to 2,007.71. The Nasdaq Composite added 20.61 points, or 0.45%, to 4,582.90.

Federal Reserve officials shouldn’t be in a hurry to unwind monetary stimulus because elevated slack in the U.S. job market is keeping inflation below the Fed’s target, said Boston Fed President Eric Rosengren.

Chinese e-commerce company Alibaba Group Holding Ltd said its expects to price its initial public offering at between $60 and $66 per American Depository share.