We have updated our privacy policy and terms & conditions. Find out more here.
2
 

U.S. stocks rise on strong jobs data; Dow Jones up 0.46%

By Investing.comStock MarketsMar 08, 2013 02:36PM GMT Add a Comment
 
AA
+
-

Investing.com - U.S. stocks opened higher on Friday, after the release of strong U.S. jobs data added to optimism over a recovery in the U.S. labor market.

U.S. stocks rise on strong jobs data; Dow Jones up 0.46%
During early U.S. trade, the Dow Jones Industrial Average advanced 0.46%, the S&P 500 index climbed 0.40%, while the Nasdaq Composite index rose 0.25%.

The U.S. Department of Labor Statistics said the economy added 236,000 jobs in February, far more than the expected 160,000 increase, after a 119,000 rise the previous month.

The U.S. private sector added 246,000 jobs, beating expectations for a 167,000 increase, following January's 140,000 rise.

The report also showed that the U.S. unemployment rate ticked down unexpectedly to 7.7% in February, from 7.9% the previous month. Analysts had expected the unemployment rate to remain unchanged last month.

In the tech sector, Google dipped 0.01% amid reports the company's Motorola Mobility unit is preparing to cut another 1,200 jobs or 10% of its workforce, as the smartphone maker tries to return to profitability.

Separately, a judge ruled on Thursday that Apple must show in detail how it’s complying with court orders to turn over evidence in a privacy lawsuit, sending shares in the iPhone maker down 0.32%.

According to Bloomberg, U.S. Magistrate Judge Paul S. Grewal in San Jose, California, issued the order after the plaintiffs’ lawyers claimed Apple withheld documents it had previously been ordered to produce.

On the upside, insurer American International Group jumped 0.97% after saying it will redeem USD1.1 billion of debentures as the company seeks to reduce debt before reinstating a dividend.

Elsewhere, Pandora Media soared 22.76%, after posting stronger-than-expected quarterly results. The company also said CEO Joseph Kennedy is stepping down in a surprise announcement.

In the financial sector, stocks were mixed. Bank of America advanced 0.57% and Citigroup rallied 2.20%, while JP Morgan and Goldman Sachs slid 0.57% and 0.76% respectively.

Other stocks in focus included Ann Taylor and Foot Locker, due to report earnings later in the day.

Across the Atlantic, European stock markets were higher. The EURO STOXX 50 jumped 1.52%, France’s CAC 40 rallied 1.44%, Germany's DAX gained 0.82%, while Britain's FTSE 100 climbed 0.72%.

During the Asian trading session, Hong Kong's Hang Seng Index rallied 1.41%, while Japan’s Nikkei 225 Index surged 2.64%.

Also Friday, official data showed that China's trade surplus narrowed less-than-expected in February, falling to USD15.3 billion from a surplus of USD29.2 the previous month. Analysts had expected the trade balance to fall into a deficit of USD8.8 billion last month.


Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

NQ 100
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg