Wall Street surges as jobs report shows hiring slowdown

Stocks are rising on Wall Street following a government report showing job growth rose modestly in April, a sign that persistently high interest rates may be starting to take a bigger toll on the world’s largest economy.

The S&P 500 was 1.3 per cent higher in afternoon trading and on track to erase its losses for the week. The Dow Jones Industrial Average gained 468 points, or 1.2 per cent, as of 2:55 p.m. Eastern. The Nasdaq composite added 2.1 per cent.

AP