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Stocks surge as encouraging jobs report outweighs Fed worries

6:16 AM, Jul 8, 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) - Traders begin a new week after deciding on Friday that a healthy job market matters more than the Federal Reserve scaling back its economic stimulus.

After the government reported strong hiring for June, traders and investors struggled over how to react. At first, they pushed stocks higher because the report was better than expected. Then they pushed stocks lower because improved hiring last month made it more likely the Federal Reserve could ease back on its bond buying.

After waffling early, investors and traders finally settled on an optimistic outlook.

By the end of the day Friday, the three main U.S. indexes had more than recovered, each ending about 1 percent higher in light volume.

The Dow Jones industrial average rose 147 points to 15,135. The broader S&P 500 index was up 16 points at 1,631 and the Nasdaq composite climbed nearly 36 points to 3,479.

 

 

 

 

 

Associated Press

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