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Stocks Rally Despite Report Showing Higher Unemployment Rate

Business

0  Updated at 3:09 pm, August 3rd, 2012 By:
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Hemera/Thinkstock(NEW YORK) — The latest jobs report, which showed the unemployment rate ticked up from 8.2 to 8.3 percent last month, couldn’t keep the markets down Friday. U.S. stocks rallied before calling it a week.
 
The Dow Jones Industrial Average saw its biggest one-day gain since late June, closing 217 points higher at 13,096. The Nasdaq gained 58 points — a two percent increase — closing at 2,967, and the S&P jumped 26 points to 1,391.
 
Those who are still looking for work may be in luck. There were 163,000 more of them available last month — more than economists had expected. But more people were applying for these jobs, which pushed the national unemployment rate up a tenth of a percent.
 
Copyright 2012 ABC News Radio