Jobs Lift Stocks; Dow Up 114

Unemployment report fuels rally

By Nick McMaster, Newser Staff

Posted Aug 7, 2009 3:15 PM CDT

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Jobs Lift Stocks; Dow Up 114 — Christopher Malloy, right, a trader with Kellogg Capital, works at the New York Stock Exchange, Friday, Aug. 7, 2009 in New York. (AP Photo/Mark Lennihan)

Good news about the labor market fueled a rally in stocks today, the Wall Street Journal reports. Slowing declines in payrolls and a 0.1% drop in unemployment—both figures beat expectations—elevated investor sentiment. AIG jumped 22.2% after reporting a $1.8 billion quarterly profit. The Dow gained 113.81 points to close at 9,370.07. The Nasdaq rose 27.09 to 2,000.25, and the S&P 500 added 13.40 to close at 1,010.48.

For the week, the Dow gained 2.2%, Nasdaq picked up 1.1%, and the S&P 500 rose 2.3%.

(More Dow Jones stories.)

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