U.S. stocks rise; Dow tops 14,000 and ends up 1.08% on jobs data


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 71.5.

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 up 0.09%.

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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This article appears in: Investing , Forex and Currencies

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