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Saturday, 8 November 2014

Dow, S&P 500 inch to records after October jobs report

NEW YORK: The Dow and S&P 500 on Friday (Nov 7) edged to fresh records after the Labor Department reported the US economy added 214,000 jobs in October and the unemployment rate fell.

The Dow Jones Industrial Average gained 19.46 points (0.11 per cent) at 17,573.93, while the S&P 500 edged up 0.71 (0.03 per cent) to 2,031.92. Friday marked the third straight record close for the two indices. The tech-rich Nasdaq Composite Index fell 5.94 (0.13 per cent) to 4,632.53.

The October jobs growth came in below the 235,000 expected by analysts. But the Labor Department revised upward by a total of 31,000 the number of net new jobs gained in the previous two months. The report also said the unemployment rate fell one-tenth of a percentage point to 5.8 per cent, its lowest level since July 2008.

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