Let There be Jobs...

Written By Luke Burgess

Posted July 8, 2005

As the US economy prepares for the season’s fourth hurricane today, stocks surged on the latest job creation report

This afternoon the Dow jumped 124 points on news that 146,000 new jobs were created in June

The unemployment rate fell to 5 percent from 5.1 percent in May, and hourly earnings rose 0.2 percent.

Even with oil prices remaining above $60 per barrel, the employment news was enough to support a little rally

Chief investment officer at Ryan Beck & Co Joseph Battipaglia said, "I think, all told, you’re seeing the market’s welcome rationality. The markets behaved very rationally after the London attacks, and even with oil rising because of hurricane season, the markets are accepting that as just a fact of life. With a backdrop of good economic news here, stocks look attractive."

In early afternoon trading, the Dow rose 124.14, or 1.2 percent, to 10,426.43.

The S&P was up 11.42 at 1,209.29. And the NASDAQ climbed 22.54to 2,098.20.

– Luke Burgess

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