The Nasdaq Composite rose to its biggest weekly gain of the year, boosted by signs of strength in the U.S. economy and a rise in biotechnology companies. In the past week, investors navigated the damage caused by Hurricane Harvey and renewed tensions between the U.S. and North Korea, while also focusing on upbeat data on personal spending as well as steady job creation and low unemployment. On Friday, stocks edged higher following a roughly-in-line jobs report. The pace of hiring slowed and the U.S. unemployment rate rose slightly last month, according to the Labor Department, but wages ticked up less than expected. This is said to be good for stock prices, as wages are rising enough to spur more consumer spending but not at a fast-enough pace to compel the Federal Reserve to raise interest rates.
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