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U.S. stocks surged on Friday, with the Dow industrials closing up over 200 points, after a better-than-projected payrolls report bolstered a positive view of the U.S. economy.
"You couldn't ask for a better-looking jobs report. The market had been getting a bit frazzled; this is the kind of report that eases those concerns," said Jeff Greenberg, senior economist at J.P. Morgan Asset Management. The government reported the U.S. jobless rate fell to 5.9 percent in September and companies added 248,000 in payrolls after a 180,000 hike the prior month, more than previously estimated. After a 226-point jump, the Dow Jones Industrial Average added 1.2 percent, with Goldman Sachs Group leading blue-chip gains that extended to 29 of 30 components. Down 0.7 percent from last Friday's close, the S&P 500 advanced 1.1 percent, with health care and consumer discretionary the best performing and all 10 major sectors in positive terrain. The Nasdaq climbed 1 percent.
- Jobless Rate Drops to Six-Year Low
- Gas Prices Drop to a Four-Year Low
- U.S. Department of Labor: Employment Situation Summary
-- Kate Gibson, CNBC