Stocks Rise on Jobs Report
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Wall Street traders on Friday cheered a monthly jobs report that showed strong growth and tame inflation, but a sell-off in the bond market limited gains.
June non-farm jobs growth of 132,000 and wage growth of 0.3% was in line with economists' estimates, but the bond market sold off on the news, with yields approaching their highest levels in a year.
Still, the news was good enough to send the Nasdaq to its third straight 6 1/2-year high.
shares slipped on news of a $1 billion Xbox warranty charge against earnings. The stock pared its losses late in the day on news that the company's acquisition of aQuantivehad cleared an antitrust hurdle.
Transmetasoared 34% on a $7.5 million investment from AMD.
Parametricplunged 20% on a warning, while Applied Microshares jumped 15% on cost-cutting plans.
The Nasdaq climbed 10 to 2666, the S&P 500 added 5 to 1530, and the Dow climbed 45 to 13,611. Volume declined to 2.4 billion shares on the NYSE, and 1.66 billion on the Nasdaq. Advancing issues led by a 19-12 margin on the NYSE, and 17-12 on the Nasdaq. Upside volume was 72% on the NYSE, and 62% on the Nasdaq. New highs-new lows were 259-53 on the NYSE, and 200-59 on the Nasdaq.