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Home >> Business
UPDATED: 11:59, May 06, 2006
Dow hits 6-year high on mild jobs report
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U.S. stocks ended higher Friday, with Dow hitting a fresh 6-year high, on a mild jobs report.

U.S. Labor Department said Friday that the U.S. unemployment rate held steady at 4.7 percent in April while the economy added only 138,000 new jobs, the slowest pace of job growth since October. Before the report was released, analysts had been expecting a job gain of about 200,000 for April.

Some data released earlier this week signaling a strong economy expanding gave birth to the worries of interest rate hikes. The mild jobs report calmed down those concerns.

World crude oil prices rallied above 70 dollars Friday amid worries over Iran, after two days' sharp declining. New York's main contract, light sweet crude for delivery in June, rose 25 cents to end at 70.19 dollars a barrel.

At the closing time, the Dow Jones Industrial Average rose 138. 88, or 1.21 percent, to 11,577.74, its highest close since Jan. 14, 2000. The Standard & Poor's 500 Index was up 13.51, or 1.03 percent, to 1,325.76, its highest level since Feb. 15, 2001. The Nasdaq composite index surged 18.67, or 0.8 percent, to 2,342.57.

Source: Xinhua


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