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Stocks rocket on robust jobs report

May 6, 2011 at 4:54 PM   |   Comments

NEW YORK, May 6 (UPI) -- U.S. stock index took the news of gains in monthly non-farm payrolls and ran into positive territory Friday on the New York Stock Exchange.

The Dow Jones Industrial Average closed up 54.57 points, or 0.4 percent, to 12,638.81.

The Nasdaq composite gained 12.84 points, or 0.5 percent, to 2,827.56.

The Standard & Poor's 500-stock index closed at 1,340.20, up 5.10 points, or 0.4 percent.

The gains came after the U.S. Labor Department announced non-farm payrolls rose by 244,000 last month, and the private sector added 268,000 jobs. The private sector posted the strongest employment gain in five years.

"The most recent employment reports had been indicating a challenge to our ability to sustain employment," Stephen Lieber, chief investment officer at Alpine Mutual Funds, told The Wall Street Journal. "This is a little bit better."

The listed volume on the New York Stock Exchange was 4.26 billion shares.

The 10-year treasury note was 3.14 percent.

The euro was trading at $1.4332, down from Thursday's $1.454. Against the yen, the dollar was 80.55, compared with Thursday's 80.05 yen.

In Tokyo, the Nikkei Average closed at 9,859.20, down 145 points, or 1.45 percent.

In London, the FTSE closed at 5,976.77, up 56.79 points, or 0.96 percent.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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