Encouraging jobs report outweighs Fed worries as US stocks finish with flourish
Posted Jul 5, 2013 04:16:07 PM.
This article is more than 5 years old.
NEW YORK, N.Y. – The U.S. stock market is closing higher after a bumpy start, with investors encouraged by a big uptick in hiring.
The government says that the U.S. economy added a stronger-than-expected 195,000 jobs last month. That helped investors shake off worries about the Federal Reserve scaling back its economic stimulus, which spooked markets early.
The Dow Jones industrial average finished up 147 points, or nearly one per cent, to 15,135. The Standard & Poor’s 500 rose 16 points, or one per cent, to 1,631. The Nasdaq composite was up 35 points, or one per cent, to 3,479.
After jumping early, stock gains tapered off. All the major indexes dipped briefly into the red, but by late afternoon, they were marching steadily higher.
The yield on the 10-year Treasury note jumped to 2.73 per cent.
