US Indices Rally to Positive Territory
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Hemera/Thinkstock(NEW YORK) — An encouraging weekly jobs report jumpstarted the markets Thursday. U.S. stocks rallied to a positive finish, boosted mainly by the favorable jobs data and strong corporate earnings in the technology sector.
The Dow Jones Industrial Average closed up 130.63 points at 14,831.58. The Nasdaq Composite added 41.49 points, or 1.3 percent, to close at 3,340.62. The S&P 500 gained 14.89 points, closing 1,597.59, barely missing a record 1,600 close.
The Labor Department says the number of people filing for unemployment last week dropped by 18,000 to a five-year low. A separate report by the firm Challenger, Gray and Christmas says employers plan to cut fewer jobs in the coming months. Those could be encouraging signs leading up to Friday’s April unemployment report.
Worker productivity barely moved in the first quarter, which could convince employers to hire, especially if businesses and consumers continue to spend.
Meanwhile, online review site Yelp reported better-than-expected earnings over the last quarter. Shares in the company climbed to 32.22, a 27.35-percent gain.
Facebook stocks jumped 5.65 percent, following a first-quarter earnings report that showed revenue growth for the social networking company.
President Obama Thursday selected new economic leadership. He’s named Penny Pritzker, a longtime fundraiser and philanthropist, as his choice to run the Commerce Department. Michael Froman, a senior economic advisor and a former Citigroup executive, will serve as U.S. Trade Representative.
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