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Better jobs news lifts stock prices

6:08 AM, May 3, 2013   |    comments
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NEW YORK (AP) - The stock market is all about jobs this week.

Stocks rose yesterday after unemployment claims fell to a five-year low. A day earlier it was just the opposite; the market slumped after payroll processor ADP said companies added just 119,000 jobs in April, the fewest in seven months.

Stocks could swing again today when the government's closely watched monthly employment report is released.

Signs of increased hiring have supported this year's surge in stocks and pushed the market to record highs. The run-up has started to falter in recent weeks on concerns that the global economy is slowing. More jobs should boost consumer spending.

The Dow Jones industrial average rose about 130 points to 14,831 on Thursday, an increase of 0.9 percent. The index lost 138 points a day earlier. The S&P 500 climbed nearly 15 points, or 0.9 percent, to 1,597, also recovering almost all of its losses from a day earlier.

Gains for technology companies helped push the technology-heavy Nasdaq composite higher. The index advanced 41 1/2 points, or 1.3 percent, to 3,340.






Associated Press

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