Stocks Jump on Jobs Report
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The Dow moved within striking distance of its January 2000 all-time high Friday on an employment report that raised hopes that the Federal Reserve will soon end its two-year rate hike campaign.
The Labor Department reported that the nation added 138,000 jobs in April, well below economists' expectations of 200,000 new jobs. Wage growth came in higher than expected at 0.5%, but that did not dampen traders' expectations that next Wednesday's anticipated rate hike will be the last for a while.
The Dow soared 138 points to close at 11,577, within 150 points of the index's all-time closing high of 11,722.
fell 5% after an analyst meeting that wasn't everything investors were hoping for.
surged on their results, while Bookham
, California Micro
fell on their earnings reports.