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US close: Dow soars after jobs figures
Wed, 08 Feb, 2012
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US close: Dow soars after jobs figures
Fri, 5 Mar 2010, 23:10:00
Hopes that the recession is nearing an end boosted Wall Street on Friday, with technology stocks leading Nasdaq to an 18-month high. Dow Jones closed up 122 at 10,566, the tech-stacked Nasdaq Composite gained 34 to 2,326, while the broader S&P 500 is 15 better at 1,138. Stocks roared ahead after the Labor Department said non-farm payrolls fell by just 36,000 last month. Economists had predicted a 65,000 drop although it's likely February's snow storms on the East Coast had a big impact. The unemployment rate, steady at 9.7%, had been expected to hit 9.8%. "We cannot say how much February's payroll employment was affected by the severe weather," admitted Bureau of Labor Statistics Commissioner Keith Hall. The positive jobs news sparked interest in recruitment companies with <b>Monster Worldwide</b> one of the better performers in the S&P. <b>Apple</b> rallied over 3% on news that the iPad tablet computer will go on sale in the US on 3 April, although Britons will have to wait until the end of the month. Rising commodity prices helped aluminium giant <b>Alcoa</b> and oil companies <b>Chevron</b> and <b>Exxon Mobil</b> advance. Oil prices are near $82 a barrel and gold has topped $1,140 an ounce. Coal miners are also popular after news that Essar Group intends to buy Trinity Coal for up to $600m. <b>Massey Energy</b> is the best performer on the S&P. Tax preparation company <b>H R Block</b> was also up ahead of Monday's results.
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