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Stocks up sharply after jobs report

Traders work on the floor of the New

Traders work on the floor of the New York Stock Exchange on Friday. The Dow had its best day in five months; it rose 207.50 points to close at 15,248.12. (June 7, 2013) Credit: Getty

Steady growth in hiring last month sent the stock market sharply higher Friday.

The 175,000 jobs added by U.S. employers in May suggested that the economy is growing, but not so strongly that the Federal Reserve will pull back from its economic stimulus soon.

"This was, in our view, very much a Goldilocks number," said Phil Orlando, chief equity strategist at Federated Investors. "There is zero chance that the Federal Reserve is going to start tapering monetary policy" at its policy meeting starting June 18.

Stocks rose strongly Friday morning, then eased slightly in the early afternoon. The gains accelerated in the final hour of trading.

The Dow Jones industrial average had its best day in five months. It rose 207.50 points to close at 15,248.12. That gain was surpassed this year only by its 2.4 percent rise on Jan. 2.

The Boeing Co. led the index higher with a gain of $2.73, or 2.74 percent, to $102.49. Industrial conglomerate 3M Co. gained $2.44, or 2.25 percent, to $111.11. Twenty-six of the 30 stocks in the Dow rose.

The Standard & Poor's 500 index rose 1.28 percent to 1,643.38. The Nasdaq composite rose 1.32 percent to 3,469.21.

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