Stocks Up Despite Job Plunge

By Kevin Spak,  Newser Staff
Posted Feb 6, 2009 8:47 AM CST
Trader Kevin Lodewick, right, works on the floor of the New York Stock Exchange Wednesday Jan. 28, 2009.   (AP Photo/Richard Drew)
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(Newser) – Stocks shot up at the bell, despite a grisly nonfarm payrolls report, as investors bet on a stimulus package boost. The Dow climbed 100 points, while the S&P and Nasdaq each gained about 1.4%. Unemployment hit 7.6% after a grim January, the Labor Department announced today. But traders were more interested in the bank rescue measures Timothy Geithner is expected to disclose later.