U.S. stocks jump on jobs report
Xinhua, May 9, 2015 Adjust font size:
U.S. stocks surged on Friday in the morning session, as investors cheered a jobs report that indicated signs of economic growth.
At noon, the Dow Jones Industrial Average soared 261.68 points, or 1.46 percent, to 18,185.74. The S&P 500 jumped 27.14 points, or 1.30 percent, to 2,115.14. The Nasdaq Composite Index spiked 58.07 points, or 1.17 percent, to 5,003.62.
Total nonfarm payroll employment increased by 223,000 in April, and the unemployment rate was essentially unchanged at 5.4 percent, the U.S. Labor Department said Friday.
Job gains occurred in professional and business service, health care, and construction. Mining employment continued to decline.
In April, average hourly earnings for all employees on private nonfarm payrolls rose by 3 cents to 24.87 U.S. dollars. Over the past 12 months, average hourly earnings have increased by 2.2 percent.
Analysts said April's jobs report showed an uptick in the economy but not enough to warrant the Federal Reserve tightening.
U.S. stocks ended higher on Thursday after a two-day sell-off, as U.S. jobless claims data came out positive. Endite