Stocks Shrug Off Job Report

By Kevin Spak,  Newser Staff
Posted May 8, 2009 8:47 AM CDT
A trader works on the floor of the New York Stock Exchange on Friday, May 1, 2009, in New York.   (AP Photo/Jin Lee)
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(Newser) – Stocks jumped out of the gate this morning, untroubled by the latest job report. The Dow was up 99 points, while the S&P and Nasdaq rose 1% and 1.2%, respectively. The economy lost 539,000 jobs last month, sending unemployment to 8.9%, according to the Labor Department’s nonfarm payrolls report, though that number beat analyst estimates. Wells Fargo and Morgan Stanley fell after announcing plans to raise capital, but Bank of America and Citigroup were up big, as were many regional banks.