Stocks Rally As Job Growth Surprises Wall Street

NEW YORK (AP) — The biggest corporate hiring spree in five years is reversing a week-long slide in the stock market.

The Labor Department said Friday that the economy added 244,000 jobs overall last month, well above the 185,000 jobs that economists had predicted. Private employers added the most new jobs since February 2006.

The unemployment rate rose, however, to 9.0 percent from 8.8 percent in part because more people resumed looking for work.

Stocks are rallying broadly, lifting all 10 company types that make up the S&P 500 index.

The Dow Jones industrial average is up 156 points, or 1.2 percent, to 12,741. The S&P 500 is up 18, or 1.3 percent, to 1,353. The Nasdaq composite is up 42, or 1.5 percent, to 2,856.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

One Comment

  1. joke says:

    With oil down $10/ barrel, and gas prices still high. It just goes to show you, big oil is SCAMMING every person in the world. Their $11B in profit this quarter shows, it has NOTHING to do with oil. Just charging you more, because they can.
    STOP their BS SUBSIDIES!!!

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