Wall Street gains as chances of Fed rate hike wane

NEW YORK (AA) – Wall Street ended higher Friday as the possibility of a rate hike by the Federal Reserve this month declined and oil prices increased.

The Dow Jones rose 72 points to end the day at 18,491 and the S&P 500 was up nine points at 2,180. The Nasdaq added 22 points to finish at 5,249.

The U.S. added 151,000 jobs in August, according to the Labor Department, missing forecasts of an 180,000 increase, after the economy gained 275,000 jobs in July.

The new numbers lessened the likelihood of the Fed raising interest rates later this month, according to analysts.

Investors liked the news and adopted a buying position on the stock market.

Gains in Wall Street were led by a rise in oil prices.

At the final bell, American benchmark West Texas Intermediate was up 2.5 percent to $44.26 per barrel, while international benchmark Brent crude was trading at $46.63 -- a 2.6 percent increase.

The stock market will be closed Monday in observance of the Labor Day holiday.