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U.S. stocks rise on unemployment numbers; Dow up 0.11%
Published Mar 09, 2012 04:29PM ET
The Dow Jones Industrial Average closed up 0.11% on Friday, the S&P 500 index was up 0.36% while the Nasdaq Composite index finished up 0.60%.
U.S. jobs data served as the market's chief weather vane.
Earlier on Friday, the Bureau of Labor Statistics reported the U.S. economy added a net 227,000 nonfarm payrolls in February, outpacing expectations for a gain of 215,000.
Meanwhile, the government revised January's figures upward to 284,000 from 243,000.
A firming labor market should lead to further demand for goods and services, which sent company stocks rising throughout the day.
However, news that the International Swaps and Derivatives Association officially declared Greece's restructuring a default since the country forced private creditors into the swap dampened spirits.
Fitch, meanwhile, cut Greece's rating to "restricted default" over the deal.
Leading Dow Jones Industrial Average performers included JPMorgan Chase, up 1.51%, Intel, up 0.93%, and Travelers, up 0.86%.
Leading index losers included Hewlett-Packard, down 1.87%, Boeing, down 1.15%, and Exxon Mobil, down 0.62%.
European indices were higher as well.
After the close of European trade, the EURO STOXX 50 rose 0.07%, France's CAC 40 rose 0.26%, while Germany's DAX 30 finished up 0.67%. Meanwhile, in the U.K. the FTSE 100 closed up 0.47%.
On Monday, the U.S. will release its federal budget balance.
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