Friday, May 2, 2008

Stocks jump on jobs report

Stocks rallied Friday morning after a report showed that employers cut fewer jobs from their payrolls in April than expected, adding to hopes that the economy is steadying.

The Dow Jones industrial average (INDU), the broader Standard & Poor's 500 (SPX) index and the Nasdaq composite (COMP) all gained at lest 0.6% in the early going.

Stocks surged Thursday as investors hailed better-than-expected readings on manufacturing and consumer spending, one day after the Fed cut interest rates and hinted the economic outlook seems to have stabilized. The stock advance continued Friday.

Source: CNN

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