Investors' optimism for falling rates also spurred a sell-off in the dollar, a welcome sign for countries around the world whose currencies have been pressured by unexpected dollar strength this year. Expectations that interest rates will come down tends to weigh on a currency as investors look for more lucrative places to park their money. Some investors still cautioned against reading too much into Friday's jobs data. Jason Pride, a strategist at the asset management firm Glenmede, said investors needed to see more progress before they could expect imminent rate cuts. Another hot jobs or inflation report could be enough to keep the Fed from considering any cuts this year. "One month does not make a trend, but today's jobs report likely gives the Fed some much- needed assurance that higher rates may be starting to do their job," Mr. Pride said