On Friday, Wall Street’s primary indices saw gains following data indicating a slowdown in job growth and a rise in the unemployment rate, leading investors to believe that the Federal Reserve’s tightening campaign had concluded.

The Labor Department’s report revealed an increase of 150,000 jobs in October, below the expected 180,000, partly due to strikes at Detroit’s Big Three automakers. Additionally, data from the previous month was revised down to 297,000 from the previously reported 336,000, while the unemployment rate inched up to 3.9% compared to the anticipated 3.8%.

This report, combined with mixed labor data throughout the week, reinforced the belief that the Fed had reached the end of its rate hikes. Jay Hatfield, CEO at Infrastructure Capital Management, noted that this data aligned with the market’s view that the job market and the economy were decelerating, suggesting that central banks might cut rates next year.

Traders’ confidence in the Federal Reserve holding interest rates steady in December increased to 90% from around 83% before the data release. There was also speculation about a rate cut possibility in May, a shift from the expectations in June.

The decline in Treasury yields boosted most large-cap growth stocks, with Tesla (NASDAQ:TSLA), Nvidia (NASDAQ:NVDA), and Alphabet (NASDAQ:GOOGL) gaining between 0.8% and 2.2%. However, Apple (NASDAQ:AAPL)’s stock dipped 1.9% after its sales forecast for the current quarter fell short of Wall Street expectations, despite an uptick in iPhone sales that boosted fourth-quarter results above estimates.

Thursday saw a rally in Wall Street’s main indexes, with the S&P 500 marking its most significant one-day percentage gain since April. Strong corporate updates from 376 S&P 500 firms, where nearly 81% beat earnings estimates, contributed to the indexes’ impressive performance, leading to the biggest weekly gain in about a year.

Most major S&P 500 sectors traded positively, with real estate leading the gains, up 2.7%. The CBOE volatility index touched a fresh six-week low, last down 0.55 at 15.09 points.

As of 9:41 a.m. ET, the Dow Jones Industrial Average rose by 149.26 points, or 0.44%, to 33,988.34, the S&P 500 increased by 29.28 points, or 0.68%, to 4,347.06, and the Nasdaq Composite advanced by 83.85 points, or 0.63%, to 13,378.04.

In terms of major stock movements, Fortinet (NASDAQ:FTNT) dropped 17.3% as the cybersecurity firm forecasted fourth-quarter revenue below Wall Street estimates. Coinbase (NASDAQ:COIN) shares fell 1.3% as the cryptocurrency exchange’s trading volumes declined for the second consecutive quarter. Block rose by 14.1% after the payments firm raised its annual adjusted profit forecast.

Advancing issues outnumbered decliners by a ratio of 7.76-to-1 on the NYSE and 4.81-to-1 on the Nasdaq. The S&P index recorded 13 new 52-week highs and no new lows, while the Nasdaq registered 31 new highs and 30 new lows.