Investing.com - U.S. stock prices soared to levels not seen
since late 2007 on Friday after January's jobs report met
expectations while consumer sentiment data beat market forecasts.
At the close of U.S. trading, the Dow Jones Industrial Average
finished up 1.08%, the S&P 500 index was up 1.01%, while the
Nasdaq Composite index rose 1.18%.
The U.S. Bureau of Labor Statistics reported earlier that the
economy added a net 157,000 jobs in January, roughly in line with
expectations for a gain of 160,000.
December's numbers were revised to 196,000 from 155,000, while
November's figures were revised to 247,000 from 161,000.
The headline unemployment rate rose to 7.9% from 7.8% in December.
Elsewhere, the Thomson Reuters/University of Michigan's final
reading of its consumer sentiment index improved to 73.8 in January
from 71.3 the previous month, beating expectations for a reading of
Separately, the Institute of Supply Management said that its
manufacturing purchasing managers' index rose to 53.1 last month
from 50.2 in December, well above expectations for a rise to 50.6.
Adding to the rally were continued expectations for the Federal
Reserve will make no change to its monthly USD85 billion
bond-buying program, a stimulus tool known as quantitative easing
that pushes up stock prices and weakens the dollar as side effects.
Leading Dow Jones Industrial Average performers included Bank of
America, up 3.45%, United Technologies up 2.58%, and Verizon
Communications, up 2.16%.
The Dow Jones Industrial Average's worst performers included Merck,
down 3.33%, Hewlett-Packard, down 0.30%, and Exxon Mobil, which was
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 0.26%,
France's CAC 40 rose 1.10%, while Germany's DAX 30 finished up
0.74%. Meanwhile, in the U.K. the FTSE 100 finished up 1.12%.
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