Dow Jumps 164 in Jobs Rally

Investors find hope in stress tests and unemployment results
By Nick McMaster,  Newser Staff
Posted May 8, 2009 3:29 PM CDT
Traders work on the floor of the New York Stock Exchange in this undated file photo.   (Getty Images)
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(Newser) – Stocks rallied today on the unemployment report and stress-test results, the Wall Street Journal reports. Though unemployment continues to grow, the slowing pace of joblessness fueled a cautious optimism. American Express and JP Morgan Chase, who “passed” the government’s test, both gained 9%. The Dow closed up 164.80 at 8,574.63. The Nasdaq added 22.76, closing at 1,739.00, and the S&P 500 gained 21.84 to 929.23.

For the week, the Dow gained 4.4%, the Nasdaq rose 1.9%, and the S&P added 5.9%.