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Stocks soar on jobs report
CNN Money — Stocks rallied Friday as a stronger-than-expected July jobs report helped lift markets for the week.
The Dow Jones industrial average surged 217 points, or 1.7%. The S&P 500 and the Nasdaq both rose about 2%.
All three indexes had been headed for a losing week before Friday’s jobs report.
The U.S. economy added 163,000 jobs in July, an improvement from an increase of just 64,000 in June, according to a government report. Economists surveyed by CNNMoney were predicting 95,000 jobs were added last month.
“It was the perfect number for the market,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
The improvement in hiring was enough to “demonstrate the positive, albeit lackluster, underpinnings of the economy,” said Luschini. At the same time, he added, it was not strong enough “for the Fed to put its gun back in its holster.”
Read the rest of this article at CNN Money here.
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.