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U.S. stocks shoot up on robust U.S. jobs report; Dow rises 1.24%

ForexOct 03, 2014 04:21PM ET
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U.S. stocks rally on upbeat jobs data - U.S. stocks rallied on Friday after a better-than-expected September jobs report fueled hopes that a more robust economy will fuel more business for corporate America.

At the close of U.S. trading, the Dow 30 rose 1.24%, the S&P 500 index rose 1.12%, while the NASDAQ Composite index rose 1.03%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was down 9.16% at 14.68.

The Department of Labor reported earlier that the U.S. economy added 248,000 jobs in September, far more than the expected 215,000 increase. The number of jobs created in August was revised to 180,000 from a previous estimate of 142,000.

In addition, the U.S. unemployment rate ticked down to 5.9% last month from 6.1% in August.

Analysts had expected the rate to remain unchanged, and the numbers sparked a rally in the stock market by fueling expectations that stronger corporate earnings will accompany a more robust U.S. economy.

Elsewhere, the Institute of Supply Management said its non-manufacturing purchasing managers' index slipped to 58.6 in September from a reading of 59.6 in August. Analysts had expected the index to fall to 58.5 last month, though investors shrugged off the data.

A separate report showed that the U.S. trade deficit narrowed to $40.10 billion in August from $40.30 billion in July, whose figure was revised from a previously estimated deficit of $40.60 billion.

Analysts had expected the trade deficit to widen to $40.90 billion in August.

Leading Dow Jones Industrial Average performers included Goldman Sachs Group Inc (NYSE:GS), up 2.81%, J P Morgan Chase & Co (NYSE:JPM), up 2.48%, and Walt Disney Company (NYSE:DIS), up 1.91%.

The Dow Jones Industrial Average's worst performers included Caterpillar Inc (NYSE:CAT), down 0.02%, Chevron Corporation (NYSE:CVX), which was up 0.47%, and Pfizer Inc (NYSE:PFE), up 0.53%.

European indices, meanwhile, ended the day higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.87%, France's CAC 40 rose 0.92%, while German markets were closed on holiday. Meanwhile, in the U.K. the FTSE 100 rose 1.26%.

U.S. stocks shoot up on robust U.S. jobs report; Dow rises 1.24%

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