Jobs Down--Who Cares? Stock Market Soars

It’s deja vu all over again on Wall Street. The government releases another dismal financial report and the stock market soars in spite of it.

AP: Buyers returned to the stock market Friday after two days of heavy losses, mindful of a worse-than-expected employment report but attracted by stocks’ lower prices. The Dow Jones industrial average rose nearly 150 points.

The labour Department said the nation’s employers cut 240,000 jobs in October, hurtling the U.S. unemployment rate to a 14-year high of 6.5 per cent. The market had expected employers to cut 200,000 jobs and for the unemployment rate to rise 6.3 per cent…

Although the day’s news was worse than expected, investors seemed to be attracted by stock prices beaten down the past two sessions…

In midmorning trading, the Dow gained 144.88, or 1.67 per cent, to 8,840.67.

The broader Standard & Poor’s 500 index added 15.30, or 1.69 per cent, to 920.18, and the Nasdaq composite index rose 27.50, or 1.71 per cent, to 1,636.20.

On Friday, the dollar fell against most other major currencies, while gold prices rose.

Light, sweet crude rose 35 cents to $61.12 a barrel on the New York Mercantile Exchange.

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