Stocks rally despite weak jobs report
NEW YORK — Stock indexes rose about 1 percent Friday, despite the U.S. Labor Department’s report showing weaker-than-expected employment growth last month.
Investors appeared to look on the brighter side of the federal government’s closely watched barometer of the labor market, even though it fell far below estimates for the second consecutive month.Investors also took comfort in the labor report’s more hopeful signs: growth in manufacturing jobs and an uptick in people looking for work.
It was an optimistic end to a week that began with the worst day for the stock market so far this year.
The Dow Jones industrial average added 165.55 points, or 1.1 percent, to close at 15,794.08 Friday. The broader Standard & Poor’s 500 index rose 23.59 points, or 1.3 percent, to 1,797.02. The technology-focused Nasdaq composite climbed 68.74 points, or 1.7 percent, to 4,125.86.