Publications
Partners
New York -Wall Street stocks rose Friday after the US jobs report showed hiring rebounded in June after a very weak performance in May.
The US economy added 287 000 positions last month, up from just 11 000 jobs in May, which was revised down from the already-low initial estimate of 38 000.
About 35 minutes into trade, the Dow Jones Industrial Average was up 0.8% at 18 045.55.
The broad-based S&P 500 rose 0.9% to 2 116.25, while the tech-rich Nasdaq Composite Index jumped 1.0% to 4 924.60.
FTN Financial analyst Chris Low welcomed the headline jobs figure. But he noted that the monthly average for jobs added in the second quarter, 147 000, was still fairly tepid.
"We need to see further gains in manufacturing and construction as well as broader gains in services... before we are comfortable calling a turn for the better in the employment trend," he said.
Banking shares advanced on expectations that the strong jobs report could encourage the Federal Reserve to raise interest rates, which could in turn strengthen bank lending margins. JPMorgan Chase rose 2.5% and Citigroup 2.2%.
Companies linked to commodities rose on greater confidence about the economic outlook, including Caterpillar, up 2.6%, and oil services companies Halliburton and Schlumberger, which climbed 3.6% and 1.5%, respectively.
Gap surged 6.2% after reporting that net sales for June rose 2.0% to $1.57bn, with sales particularly strong at its Old Navy chain.
Juno Therapeutics, which specializes in cancer immunotherapies, plunged 26.8% on news that the US Food and Drug Administration suspended a clinical trial of a leukemia treatment after two patient deaths last week. Juno plans to submit additional information in the hopes of persuading the FDA to resume the trial.
