Strong jobs report pushes Nasdaq to 11-year high
NEW YORK (Reuters) – Stocks rose on Friday, propelling the Nasdaq index to an 11-year high, after January’s U.S. employment report sailed past expectations, boosting hopes the world’s largest economy has turned a corner.
The broad-based gains also sent the Dow Jones industrial average to its highest in nearly five years. The S&P 500 extended its 2012 advance to about 7 percent.
The U.S. economy created jobs at the fastest pace in nine months in January and the unemployment rate dropped to nearly a three-year low of 8.3 percent.
“The unemployment rate is what consumers look at, and when they get good numbers that tends to boost overall confidence in the economy and the way people spend money,” said JPMorgan chief economist Anthony Chan.