Dow Closes Above 11,000 for the First Time Since May
The blue-chip Dow Jones Industrial Average ($INDU) rose 58 points, or 0.5%, to close at 11,006, it's highest close since May 3. The broader S&P 500 ($INX) added 7, or 0.6%, to 1,165. The tech-heavy Nasdaq Composite ($COMPX) gained 18 points, or 0.8%, to finish at 2,402.
The economy shed 95,000 jobs in September after factoring in the loss of 159,000 government jobs, including 77,000 once-in-a-decade U.S. Census worker jobs, the Labor Department said Friday. The unemployment rate remained unchanged at 9.6%, while the broader measure of both unemployment and underemployment, or U6, rose to 17.1% from 16.1%.
"This is no time to mince words," wrote David Rosenberg, chief economist at asset-manager Gluskin Sheff, in a note to clients. "The U.S. labour market is in horrible shape. The key was that excluding the Census worker layoffs, payrolls fell 18,000. Full stop. This marks the first time since December 2009 that the underlying level of nonfarm payrolls fell in a month."
The yield on the benchmark 10-Year Treasury note, which moves opposite of price, was unchanged 2.38%. The specter of more monetary easing raised global inflation fears, pushing gold up $12.60 to $1,348 an ounce on the Comex division of the New York Stock Exchange (CME).