Dow Jumps 164 in Jobs Rally

Investors find hope in stress tests and unemployment results
By Nick McMaster,  Newser Staff
Posted May 8, 2009 3:29 PM CDT
Dow Jumps 164 in Jobs Rally
Traders work on the floor of the New York Stock Exchange in this undated file photo.   (Getty Images)

Stocks rallied today on the unemployment report and stress-test results, the Wall Street Journal reports. Though unemployment continues to grow, the slowing pace of joblessness fueled a cautious optimism. American Express and JP Morgan Chase, who “passed” the government’s test, both gained 9%. The Dow closed up 164.80 at 8,574.63. The Nasdaq added 22.76, closing at 1,739.00, and the S&P 500 gained 21.84 to 929.23.

For the week, the Dow gained 4.4%, the Nasdaq rose 1.9%, and the S&P added 5.9%.
(More Dow Jones stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X