Stocks Jump on Jobs Report
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Stocks surged Friday on news that the job market rebounded in September, sending the S&P 500 to a new all-time high for the first time since July, and Research In Motion led the tech sector to the day's best gains on another strong earnings report.
The Labor Department reported that the economy added 110,000 jobs last month, more than economists expected, and an unexpected decline in August jobs was revised sharply higher. While the employment picture remains weaker than it was earlier in the year, the news was reassuring for investors who feared that the economy was slipping into recession.
Research In Motion rocketed 12.8% to a new high of $113.37 after reporting that quarterly earnings and sales doubled and hiking forward guidance well above estimates. RIM's strong results helped the Nasdaq outpace blue chip gains by two to one on the day.
Google shares jumped 2.6% to $594.05 after Bear Stearns set a $700 price target on the stock.
Business Objects gained 5.7% to $50.27 on takeover speculation.
Lawson, SupportSoft and Tellabs fell on disappointing guidance, and Clearwire plunged on a Bear Stearns downgrade.
China Digital TV soared 75% in its IPO.
The Nasdaq soared 46 to 2780, the S&P rose 14 to 1557, and the Dow gained 91 to 14,066. Volume rose to 2.89 billion shares on the NYSE, and 2.01 billion on the Nasdaq. Advancers led by a 24-8 margin on the NYSE, and 21-7 on the Nasdaq. Upside volume was 83% on the NYSE, and 81% on the Nasdaq. New highs-new lows were 209-61 on the NYSE, and 233-57 on the Nasdaq.