Posted on 10/05/2007 11:38:00 AM PDT by SirLinksalot
NEW YORK (Reuters) - Stocks advanced on Friday, sending the benchmark S&P 500 index (^SPX - News) to a record as a solid employment report rekindled optimism about the outlook for growth and profits.
The prospect of continued strength in the economy boosted a broad range of equity sectors, including technology, basic materials, industrials, financials and consumer-oriented plays, such as retailers.
Pharmaceutical shares also showed strength, with shares of Merck & Co (NYSE:MRK - News) among the top advancers in both the Dow and the S&P 500.
"The unemployment report was a good report," said Stephen Carl, principal and head of U.S. equity trading at The Williams Capital Group LP, in New York. "Maybe we'd see good earnings reports as a result."
The Dow Jones industrial average (DJI:^DJI - News) was up 93.00 points, or 0.67 percent, at 14,067.31. The Standard & Poor's 500 Index (^SPX - News) -- which in midday trading hit an all-time high of 1,556.33 -- was last up 12.14 points, or 0.79 percent, at 1,554.98. The Nasdaq Composite Index (Nasdaq:^IXIC - News) was up 39.19 points, or 1.43 percent, at 2,772.76.
BlackBerry hand-held device maker, Research In Motion Ltd (Toronto:RIM.TO - News; NasdaqGS:RIMM - News), was among tech standouts, a day after it posted quarterly results that beat expectations.
Google Inc (NasdaqGS:GOOG - News) was another notable gainer after Bear Stearns set a 2008 price target of $700 on the Web search leader's stock.
Shares of heavy equipment maker Caterpillar Inc (NYSE:CAT - News) were the Dow's top advancer, up 2.5 percent at $80.60 on the New York Stock Exchange.
Citigroup Inc (NYSE:C - News) rose 1.8 percent $48.48 to lead advancers in the S&P 500, ahead of Google, whose stock jumped 2.6 percent to $594.05 on the Nasdaq, where RIM shares gained 12.2 percent to $112.84.
Merrill Lynch & Co. Inc's shares (NYSE:MER - News) rose 2.4 percent to $76.56 after it detailed the losses it would take as a result of the recent credit market turmoil. The investment bank forecast it would post a third-quarter loss after writing down $4.5 billion in loan losses.
Merck shares gained 1.9 percent to $53.85 after the company reported that an experimental cholesterol drug had positive results in a trial.
Among consumer-oriented stocks, shares of Wal-Mart Stores Inc (NYSE:WMT - News), the top U.S. discounter, rose 1.2 percent to $45.53 on the NYSE. Rival Target Corp's (NYSE:TGT - News) shares jumped nearly 4 percent to $67.77.
The S&P retail index (Chicago Options:^RLX - News) rose 2.5 percent.
The Labor Department report showed the economy added more jobs in September than economists had expected. In addition, August and July jobs figures were revised higher, a change analysts said was even more significant.
Where have all the bears gone? Douggie Kass is deeply saddened.
I blame our trade deficit.
NY Times vs. ExxonMobil
For all the Dems running for president. The Surge is working, Jobless claims are down and the economy is moving forwards, despite the Dem hope of a recession.-
It’s the economy, stupid!
Um...what record? ;)
It isn’t the jobs report that is causing the market to rocket. It is the massive amount of corporate paper that has nowhere else to go but the market. When it dries up, the market falls.
Why aren’t the DEMONS shouting; BUT THEY AREN”T GOOD JOBS!
Whoops dee doo! Our government is trashing our dollar at the same time.
We hit resistence before the 1,000 point mini correction. Look at the S&P all dates and you can see we are at the next cross roads. Is it a double top before the long slide down or just another hump in the road up. But this is it, tightroping without a net.
But, but, but. . .this can’t be. Everyone knows the sky is falling.
I sure hope this will put the kibosh on any more unneccessary rate cuts by the Fed.
An asian guy I know says China is going to do something dramatic soon that will cause a big shock in the markets. He’s waiting for the resultant crash. They might announce a plan to start divesting dollars in order to try and stop advances we have made in the ME and the fact we are letting the dollar slide.
They could do soething to try and stop us (Israel) from knocking over Iran with whom they have large energy contracts but nothing like trade with us thankfully. I think that may be why we encourage import and buying of all their crap, to keep them leveraged. You can’t go and piss off your biggest customer :).
For all the Dems running for president. The Surge is working, Jobless claims are down and the economy is moving forwards, despite the Dem hope of a recession.-
Yeah, but, Bush lied and people died and Rush hates the troops and...and...and the climate....and Bush hates healthcare for kids and Rush is on drugs again...and the Iraq war is lost..and Bush caused 9/11...and...Rush and Bush hate gays....and..
If we crash, the world crashes.
Yeah right! HA-HA!
The climate is a big deal with them but none of them are moving into tee-pees anytime soon!
Just to show how bad the climate is changing. A friend of mine went to London this summer. HAD TO WEAR A LIGHT JACKET ALL DAY AND A COAT AT NIGHT....IN JUNE! Came back to the US Maryland and it was 80’s. ALL NORMAL!
Global Warming?
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