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Stocks erased losses and rose on Friday, with the S&P 500 and Dow extending gains into a fifth week, as investors detoured around a surprisingly disappointing jobs report. The Dow Jones Industrial Average, which fell in the morning, turned around and closed unofficially 67 points ahead. The S&P 500 rose 10 points to a record high of 2007.66 and the Nasdaq added 20 points. The number of jobs created "was way under what they anticipated, but the unemployment rate countered that," said Stephen Carl, head equity trader at the Williams Capital Group. The Labor Department reported non-farm payrolls added 142,000 jobs last month even as the jobless rate declined to 6.1 percent. Economists had expected payroll growth of 225,000. The argument could also be made that the disappointing August jobs tally calmed concerns about the Federal Reserve removing stimulus sooner rather than later. "For those that are saying the Fed should rush to get out of bond buying, this might take away a little of that argument," said JJ Kinahan, chief strategist at TD Ameritrade in Chicago.
- Job Growth Slows as Economy Generates Tepid 142K Jobs
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- Starbucks Tests Upscale Design in Seattle, Speedy in New York
- Kate Gibson, CNBC.com