Stocks rose after the U.S. economy added more jobs than expected last month, driving the Nasdaq to an 11-year high and pushing the Dow to its highest reading in almost four years. Brendan Conway has details on The News Hub. Photo: Getty Images Stocks rose after the U.S. economy added more jobs than expected last month, driving the Nasdaq Composite to an 11-year high and pushing the Dow to its highest reading in almost four years.
The Dow Jones Industrial Average advanced 154 points, or 1.2%, to 12859, its highest close since May 2008. The Standard & Poor's 500-stock index tacked on 19 points, or 1.5%, to 1345, for its fifth straight weekly gain.
The technology-oriented Nasdaq Composite Index gained 46 points, or 1.6%, to 2906, its highest level since December 2000. The Nasdaq is off to its best start to the year since 1991, up 12%.
All 10 of the S&P 500's sectors rose Friday, with financials and consumer-discretionary stocks leading the way. Among blue chips, Bank of America rose 5.2% and Caterpillar added 3.3%. [stocks0203] Associated Press
Friday's gains followed a strong employment report from the U.S. Labor Department. January data showed nonfarm payrolls rose 243,000 last month, marking the biggest gain since April. The jobless rate fell from 8.5% to 8.3%, the lowest it has been since February 2009.
Stocks popped higher at the open and cruised along in positive territory all day.
"The data seem to show the economy is mending a bit faster than it was a year or two years ago," said David Resler, chief economic adviser for Nomura Securities.
The Stoxx Europe 600 rose 1.7%, closing at a six-month high. Asian bourses were mixed, with Japan's Nikkei Stock Average down 0.5% and China's Shanghai Composite up 0.8%.
The News Hub panel provides comprehensive coverage of the improving U.S. employment picture. The Labor Department reported 243,000 non-farm payroll jobs were added in January. AP Photo/The Roanoke Times, Stephanie Klein-Davis
Stocks moved higher after a closely watched government payrolls report showed the economy added more jobs than expected and the unemployment rate edged lower in January. Steven Russolillo reports on Markets Hub. Photo: AP.
Gold futures dropped 1.1% to $1,737.90 a troy ounce, while crude-oil prices rose 1.5% to $97.84 a barrel. The dollar gained against the euro and yen. The yield on the 10-year Treasury rose to 1.936%. battle between Chief Executive Steve Wynn and a shareholder overshadowed the results. Shares fell 4.8%.
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