Stocks rise as investors cheer hiring trends
As comebacks go, this one was a couple of days in the making. Friday, the U.S. stock market rebounded from a deep slump earlier in the week to muster the first positive five-day stretch after three weeks of declines.
The day's modest gains added to a strong finish for stocks a day earlier, enough for the Dow Jones industrial average to eke out a 0.6 percent gain for the week, while the Standard & Poor's 500 index finished up 0.8 percent. Both are still down for the year.
The Dow rose 165.55 points to 15,794.08. The S&P 500 rose 1.33 percent, to 1,797.02. The Nasdaq composite was up 1.69 percent, to 4,125.86.
Expedia led the gains in the S&P 500 index, surging 14.29 percent after reporting that its profit and revenue jumped as hotel bookings increased.
Friday's rally didn't seem likely to happen as the day got going. A widely anticipated jobs report initially disappointed markets, and index futures fell before regular stock trading began. But stocks moved higher as investors dug deeper into the details of the report, which showed that manufacturers, construction firms and mining and drilling companies added 76,000 jobs combined, a strong showing. -- AP