Jobs Stats Propel Markets

By Jonas Oransky,  Newser Staff
Posted Oct 5, 2007 3:55 PM CDT
The Dow Jones Industrial average is seen on a ticker above the exchange floor after the closing bell, Monday, Oct. 1, 2007 in New York. Wall Street began the fourth quarter with a huge rally Monday, sending...   (Associated Press)
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(Newser) – The Dow and the S&P each set intraday records after today’s unexpectedly good jobs news, and the Nasdaq hit a 7-year high. The Dow closed at 14,066.01, up 91.70 points, and the S&P climbed 14.75 to 1,557.59 after indications that a full-on recession would be avoided. The Nasdaq finished at 2,780.32, up 46.75.

Research in Motion reported strong BlackBerry sales and Google had a good day, the Journal reports, boosting the tech-heavy index. The tech sector has been surging recently; it’s seen as less vulnerable to the credit crunch and more likely to benefit from the success of global markets. Meanwhile, the jobs report lowered expectations for another interest rate cut this month, though investors still expect Fed action before the year is out.