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Stocks gain for sixth day on strong jobs growth

4:50 AM, Mar 11, 2013   |    comments
A sign for Wall Street is seen just outside the New York Stock Exchange.(Photo: Timothy A. Clary, AFP/Getty Images)
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NEW YORK (AP) - Wall Street is beginning the week on a very optimistic note.

The Dow Jones industrial average gained 67 ½ points to close at 14,397 on Friday, logging a sixth straight increase.

The S&P 500 rose 7 points to 1,551 and the Nasdaq composite advanced 12 points.

The rally continued after the Labor Department reported that U.S. employers added 236,000 jobs in February and the jobless rate fell to 7.7 percent from 7.9 percent in January.

The strong job growth signals that employers are confident about the economy despite higher taxes and government spending cuts.

Optimism that hiring is picking up has been one of the factors bolstering the stock market this year. Stocks have also gained on evidence the housing market is recovering and company earnings are growing.

Stocks have also been boosted by continuing economic stimulus from the Federal Reserve.






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