US stocks end higher following jobs report

The Standard & Poor's 500 index, the measure most closely followed by market watchers, reached a new closing high.

By AP
October 7, 2007 08:47
3 minute read.
US stocks end higher following jobs report

wall street traders 88. (photo credit: )

 
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SHARES WALL STREET US stocks capped a huge week with a sharp advance Friday after the government's employment report for September and its revision of August's data cooled the market's fears of a recession. The Standard & Poor's 500 index, the measure most closely followed by market watchers, reached a new closing high. The Labor Department's report that employers added 110,000 jobs in September - essentially what analysts had expected - reassured Wall Street that the job market wasn't pulling back sharply as was feared a month ago. Though the data appeared to lessen the likelihood of an interest rate cut when the Federal Reserve meets on October 30-31, investors were relieved that the economy doesn't appear headed for a precipitous slowdown. The Dow Jones industrial average rose 91.70, or 0.66 percent, to 14,066.01. The blue chip index set a new trading high of 14,124.54, topping a high of 14,115.51 set Monday, when the index also saw a record close. Broader stock indicators also jumped. The S&P 500 index rose 14.75, or 0.96%, to 1,557.59. The advance put the S&P 500 ahead of the previous record close of 1,553.08, which occurred on July 19 before stocks began a broad retrenchment amid concerns about credit, housing and the overall economy. The S&P 500, which is the basis of many mutual funds and other investments and is used as a benchmark, also set a fresh trading high of 1,561.91, topping a July 16 high of 1,555.90. The technology-dominated Nasdaq composite index showed bigger gains, rising 46.75, or 1.71%, to 2,780.32. The gains left stocks sharply higher for the week. The Dow added 1.2%, while the S&P 500 2% and the Nasdaq advanced 2.9%. The Dow Jones industrial average ended the week up 170.38, or 1.23%, at 14,066.01. The Standard & Poor's 500 index finished up 30.84, or 2.02%, at 1,557.59. The Nasdaq composite index ended up 78.82, or 2.92%, at 2,780.32. EUROPE Stocks ended higher after an upbeat US jobs report allayed fears that the world's biggest economy is on the wane and that corporate profits will slow. The UK's FTSE-100 Share Index advanced 0.7% to 6,595.80, while France's CAC-40 Index added 0.7% to 5,843.24. Germany's Xetra DAX Index climbed 0.7% to 8,002.18. ASIA Markets were mixed, with many traders awaiting the release of the US jobs report. Hong Kong, meanwhile, bounced back sharply after two days of losses. The gain in Hong Kong led Singapore to post a new record close, and markets also gained ground in Australia, Malaysia, Indonesia, the Philippines and Thailand. Shares fell in New Zealand, South Korea and Taiwan. Japanese stocks slipped in light trading, weighed down by declines in technology shares after Casio Computer slashed its profit forecast. The Nikkei 225 index declined 0.16% to 17,065.04 points on the Tokyo Stock Exchange. Many investors were reluctant to place big bets ahead of a three-day weekend in Japan and before the release of widely watched US employment data later Friday. CURRENCY The dollar was mixed against the major currencies late Friday, falling back from a sharp jump up earlier in the day on the Labor Department's report of September job growth. The Canadian dollar, riding a surprisingly strong Canadian employment report - the September jobless rate fell to 5.9%, its lowest level since November 1974 - surged up to 1.0220, buying 97.85 US cents, a 31-year record. The Canadian currency, nicknamed the "loonie," retreated to 1.0184, buying 98.19 US cents, in late New York trading Friday, below Thursday's rate of 99.71 US cents. The dollar slumped against the 13-nation euro after its post-employment data bounce. The American currency was worth as much as $1.4030 - a two-week high - before the euro rose back to $1.4142 in late New York trading, above its $1.4117 price Thursday. US unemployment rate rose to 4.7%, its highest in more than a year. The British pound rose to $2.0418 on Friday from $2.0375 on Thursday after the Bank of England said it was looking for more time to assess the impact of the credit squeeze on consumer and economic confidence. In other New York trading, the dollar strengthened to purchase 116.92 Japanese yen from 116.51 Thursday in New York. COMMODOTIES December gold jumped $3.40 to close at $747.20 an ounce on the New York Mercantile Exchange. Nymex light, sweet crude for November delivery fell 22 cents to settle at $81.22 a barrel, ending the week down about 0.5%. November gasoline futures dipped 2.39 cents to 2.0283 a gallon.

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