Markets close higher, despite jobs data

Feb. 7, 2014 at 5:52 PM
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NEW YORK, Feb. 7 (UPI) -- U.S. stocks closed broadly higher Friday despite lower-than-expected jobs added to the economy in January.

The Labor Department said 113,000 jobs were added to the economy in January, far lower than the 194,000 per month average gain of 2013 and lower than the 185,000 economists had predicted.

Weak data on the heels of a long rally in 2013 has given Wall Street a serious case of delirium tremens. The Dow Jones industrial average has moved in triple digit shifts in five of the past 10 sessions. Through that stretch, markets have only moved in the same direction for two successive days on two occasions. It has been up, down, up, down, most of the time since Jan. 27.

On Friday, the Dow added 165.55 points or 1.06 percent to 15,794.08. Added to Thursday's 188-point gain, that put the blue-chip index ahead on the week.

The index opened the week at 15,698.85.

The Standard & Poor's 500 added 23.59 points, 1.33 percent, to close at 1,797.02. The Nasdaq composite index gained 68.47 points, 1.69 percent, to close at 4,125.86.

On the New York Stock Exchange, 2,409 stocks advanced and 705 declined on a volume of 3.7 billion shares.

In Japan, the Nikkei 225 index added 307.29 points or 2.17 percent to reach 14,462.41.

London's FTSE 100 gained 13.40 points, 0.2 percent, to hit 6,571.68.

The 10-year U.S. treasury was yielding 2.684 percent, up 5/32.

The euro traded at $1.3635 against the dollar. Against the yen, the dollar was trading at 102.36 yen.

Gold gained $9.60 to end the week at $1,266.80 an ounce on the Comex division of the New York Mercantile Exchange. Silver added 6.2 cents to settle at $19.99 an ounce.

Crude oil added $2.30 to reach at $100.14 per barrel on the NYMEX.

On the Chicago Board of Trade, corn for March delivery added 1.5 cents to $4.445 per bushel. Soybeans gained 6 cents to $13.3175. Wheat shed 0.75 cents to $5.7725.

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