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10-03-2014, 04:19 PM #1
Stocks leap as jobs rebound; Dow adds 209
Stocks leap as jobs rebound; Dow adds 209
Paul Davidson, USA TODAY4:10 p.m. EDT October 3, 2014
(Photo: Richard Drew, AP)
The stock market staged a strong rally Friday -- with the Dow up more than 200 points back above the 17,000 level -- after the government's monthly employment report showed a rebounding jobs market.
The Dow Jones industrial average added 208.64 points, 1.2%, to end at 17,009.69. The Standard & Poor's 500 index gained 21.73 points, 1.1%, to finish at 1967.90. The tech-laden Nasdaq composite index rose 45.43 points, 1%, to close at 4475.62.
The rally extended an impressive turnaround that started midday Thursday, when the Dow went from a 130-point loss to end the day down just 4 points as concerns eased about the global economy and protests in Hong Kong.
Stocks surged at the opening bell following news the labor market rebounded sharply in September as employers added 248,000 jobs, the second-largest gain for any month this year.
The unemployment rate fell to 5.9% from 6.1%, lowest since July 2008, the Labor Department said Friday.
August's initially disappointing job gains were revised to 180,000 from 142,000. July's count was revised to 243,000 from 212,000, boosting gains for the two summer months by 69,000.
That brings total payroll gains for the year above 2 million.
The good jobs news helped patch up some of the damage from a particularly rough patch for stocks the past two weeks. Since the Dow closed at a record high of 17,279.74 on Sept. 19, it has been caught up in a string volatile trading sessions that included six triple-digit moves, four of which were on the downside, including a 238-point drop on the first trading day of October.
Friday's rally leaves the Dow less than 1.5% from its record high and for now helps quiet concerns the stock market was headed for a more serious slide.
Service jobs rise
In other economic news, U.S. service firms expanded at a healthy pace in September although it was slightly below the record pace set in August.
The Institute for Supply Management reported Friday that its service index dipped to 58.6 last month, down from a reading of 59.6 in August which had been the strongest level recorded since the measure was introduced in January 2008.
Hiring at service firms, where most Americans work, rose for a seventh straight month.
Trade gap shrinks
The U.S. trade deficit shrank for the fourth straight month in August, falling to the lowest level since January as exports rose to an all-time high.
The deficit dropped 0.5% in August to $40.1 billion, compared to a revised $40.3 billion in July, the Commerce Department reported Friday.
Global markets
In Asia, Japan's Nikkei 225 index rose 46.7 points, or 0.3%, to 15,708.7 points. Hong Kong's Hang Seng index reopened following a two-day national holiday amid massive street protests, gaining 131.6 points, or 0.6%, to 23,064.56.
Britain's FTSE 100 ended up 1.3% and France's CAC-40 gained 0.9%.
http://www.usatoday.com/story/money/...iday/16638331/
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