Market Summary: FRIDAY, March 5, 2010
The government’s highly anticipated employment figures proved less ominous than expected. The Labor Department reported nonfarm payrolls depleted by 36,000 in February, with the unemployment rate remaining stagnant at 9.7%. In comparison, economists had expected a monthly loss of 50,000 jobs and were anticipating an unemployment rate of 9.8%. It was also reported that consumer borrowing unexpectedly increased in January for the first time in 11 months. These factors all contributed to stocks racing higher from the opening, with the major market indexes extending their lead late in the session.
The Dow Jones Industrial Average (DJIA 10,566.20) settled near its session highs, adding 122.1 points [1.2%], by the close. Today’s triple-digit rally caused the Dow to break through the 10,500 level for the first time since mid-January and closed up 2.3% for the week.
The S&P 500 Index (SPX 1,138.70) also closed near its intraday high, adding 15.7 points, or 1.4%, and advanced 3.1% for the week.
The tech-rich Nasdaq Composite (COMP 2,326.35) gained 34 points, or 1.5%, closing barely below its new 52-week high of 2,327.03. The COMP ended the week up an impressive 3.9%.
