Stocks surged this morning after a highly anticipated jobs report came back reassuringly strong, with 110,000 US workers gaining jobs in September. At the same time, the upsetting August jobs loss—which fueled rampant recession fears—was revised to a gain of 89,000. Growth exceeded expectations among economists polled by Bloomberg, who had estimated 100,000 new jobs. At 11am EDT the Dow was up 51.46 to 14,025.77, the Nasdaq 23.76 to 2,757.33 and the S&P 8.58 to 1,551.42.
One manager predicted the market “is going to take a deep sigh of relief” after the August scare. The unanticipated August revision came mostly in government payrolls: Changes in school holidays hindered the Labor Department in counting teachers added for the new school year. Alcoa and GE both surged on the numbers this morning.