NEW YORK — Investors think the U.S. economy is at a perfect temperature for stocks: not too hot, not too cold.
The latest evidence came Friday in a jobs report that showed a pickup in hiring last month that could mean more people with paychecks, more spending and higher corporate profits. But the report also showed that wages were stagnant, which cheered investors worried anything pushing up inflation could prompt the Federal Reserve to raise interest rates soon and kill the rally.
All major stock indexes rose sharply. The Dow Jones industrial average closed 208 points higher. All 10 sectors in the Standard and Poor’s 500 index rose.
“The solid payroll report is great for economic growth and stock prices,” said Anastasia Amoroso, global market strategist at J.P. Morgan Funds.
The good news pushed up the value of the dollar against other major currencies to the highest level in more than four years. U.S. bonds and gold fell as investors fled traditional “safe haven” assets.
U.S. employers added 248,000 jobs in September, beating market expectations of 215,000, the Labor Department reported.
The jobless rate now stands at the lowest level since July 2008, in the middle of the Great Recession, and is getting close to the roughly 5.5 percent that the Federal Reserve considers consistent with a healthy economy.
In a speech in Princeton, Ind., President Barack Obama exulted over the numbers, noting that businesses have added jobs for 55 months in a row, the longest such stretch on record. He credited “the drive and determination of the American people,” and added: “It’s also got a little bit to do with some decisions we made pretty early on in my administration.”
Still, average hourly wages fell a penny last month, the Labor Department reported. Wages are now up just 2 percent in the past year.
“Wage inflation essentially came in zero, and that tells you that the Fed won’t be in any rush to raise interest rates,” said James Abate, managing director of Centre Asset Management.
The Dow rose 208.64, or 1.2 percent, to 17,009.69. It was the third 200-point move in a little over a week. The S&P 500 index climbed 21.73 points, or 1.1 percent, to 1,967.90. The Nasdaq composite rose 45.43 points, or 1 percent, to 4,447.62.
Benchmark U.S. crude fell $1.27 to close at $89.74 a barrel on the New York Mercantile Exchange, its lowest level since April 2013. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.11 to close at $92.31 on the ICE Futures exchange in London.
