US Markets rally on jobs data

The US stock markets rallied on Friday after the government data released Friday morning said that the economy added 175,000 jobs last month. The investors lapped up stocks as the jobs data gave a reassuring sign that the economy is stable.

At 1:35 PM (ET) the Dow Jones was up 166.41 points or 1.11% at 15207.03, S&P 500 was up 15.63 points or 0.96% at 1638.19 and Nasdaq was up 35.37 points or 1.03% at 3459.42.

The Labor Department also reported that the jobless rate went up slightly to 7.6%, about the level it has been for the past 3 months.

The bulk of the job gains in May were in the service industry, which added 57,000 jobs last month. Meanwhile, manufacturing shed 8,000 workers and the auto industry continued to add jobs.

Source : Equity Bulls

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