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Wall Street soars despite disappointing jobs report

English.news.cn   2014-02-08 05:06:22

NEW YORK, Feb. 7 (Xinhua) -- U.S. stocks added gains Friday to end the week in positive territory, though data showed the country 's employers added fewer jobs than expected in January.

The Dow Jones Industrial Average jumped 165.55 points, or 1.06 percent, to 15,794.08. The S&P 500 leapt 23.59 points, or 1.33 percent, to 1,797.02. The Nasdaq Composite Index climbed 68.74 points, or 1.69 percent, to 4,125.86.

The major indices marked the biggest two-day advances since Oct. 10-11 in 2013 after rising more than 1 percent in the previous day.

Helped by the two-day rally, the three indices turned higher in the week, up 0.6 percent, 0.8 percent and 0.5 percent, respectively.

Total nonfarm payroll employment increased by 113,000 in January, the U.S. Labor Department said Friday, which fell well short of economists' estimate of a rise of 185,000. The unemployment rate in the month dropped slightly to 6.6 percent from 6.7 percent in the preceding month, which matched the market expectations.

Shrugging off the lackluster report, however, Wall Street continued its upward run, as analysts blamed wintry weather partly for the weak job creation, believing that the world's largest economy is still strengthening overall.

Moreover, responding to the weak jobs data, the U.S. Federal Reserve is expected to slow down its tapering progress of its bond buying program, which lifted market sentiment.

Stocks around the world saw a broad gain Friday, which served as a boost to the U.S. market.

The CBOE Volatility Index, widely considered as a fear gauge of the market, dived 11.26 percent to 15.29.

In other markets, oil prices rose sharply Friday on speculation that the frigid weather in the United State will boost the demand for heating oil.

Light, sweet crude for March delivery moved up 2.04 dollars to settle at 99.88 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery gained 2.38 dollars to close at 109.57 dollars a barrel.

Gold futures on the COMEX division of the New York Mercantile Exchange advanced on a soft dollar Friday, with the most active gold contract for April delivery going up 5.7 dollars to settle at 1,262.9 dollars per ounce.

The U.S. dollar retreated against major currencies Friday as the country's January nonfarm payroll report came out disappointing.

In late New York trading, the euro rose to 1.3628 U.S. dollars from 1.3586 dollars of the previous session, and the British pound also went up to 1.6410 U.S. dollars from 1.6322 dollars.

Editor: yan
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