Newstovote - Unexpected surge in reports of job growth in the United States pushed Wall Street stocks rose higher in New York trading Friday.
The increase was also encourages the strengthening of the U.S. dollar and bond yields . The Federal Reserve also raised hopes for return to economic growth stimulus in December.
As quoted by Reuters on Saturday, November 9, 2013, the U.S. Department of Labor describes the addition of 204,000 new jobs last month. This is far from previous estimates, only the addition of 125,000 new jobs. This data could be a strong footing for the Fed to cut its bond purchases.
Price of 30 -year U.S. government debt fell by more than two points, leading to higher yields to 3.855 percent from 3.728 percent on Thursday.
" The first part of the equation for the Fed to pursing data showing the improvement in the economy, " said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago.
Meanwhile, the unemployment rate edged up 1/10 point to 7.3 percent. Reports from the government, it has no impact on the federal government payroll deductions for 16 days in the last month.
Russell Price, senior economist at Ameriprise Financial Services Inc. in Troy, Michigan, said the jobs data and other separate report describes the individual's income rose 0.5 percent in September. Retail sales are expected to rise with the arrival of the holiday season.
According to him, most economists expect businesses to be more careful during the decline occurs. "The decline in business is a temporary phenomenon because the economy is still growing and will grow in the future, " he said.
In late trading Friday on the New York Stock Exchange, the Dow Jones Industrial Average closed up 167.80 points ( 1.08 percent) to 15761.78 . The Standard & Poor 's 500 index rose 23.46 points ( 1.34 percent ) to a level of 1770.61. The Nasdaq Composite Index climbed 61.90 points ( 1.60 percent ) to a level of 3919.23 .
For the week, the Dow Jones managed to rise 0.9 percent and the S & P 500 rose 0.5 percent, while the Nasdaq fell 0.1 percent.
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