Stocks up on jobs read
Major stock gauges inch higher after March employment report shows strong growth, little wage inflation.
NEW YORK (CNNMoney.com) - Stocks rose Friday morning as investors welcomed a March jobs report that showed strong growth in the labor market, but little wage inflation.
The Dow Jones industrial average (up 11.30 to 11,227.80, Charts), the broader Standard & Poor's 500 (up 3.69 to 1,312.73, Charts) index and the Nasdaq composite (up 12.74 to 2,373.91, Charts) all gained in the early going.
Employers added a greater-than-expected 211,000 jobs to their payrolls in March after adding a revised 225,000 in February. Economists surveyed by Briefing.com expected a number of 190,000.
The unemployment rate, generated by a separate survey, fell to 4.7 percent in March, from 4.8 percent in February. Economists thought it would hold steady at 4.8 percent.
Helping to stem concerns about wage inflation -- a key measure the Federal Reserve has said it is watching -- was the average hourly earnings component of the report. Earnings rose a smaller-than-expected 0.2 percent after rising 0.3 percent in February. Economists thought it would rise 0.3 percent.
Also late Thursday, Research in Motion (down $3.81 to $80.57, Research) issued current-quarter forecasts for earnings per share, revenue and subscriber growth that is short of estimates. The maker of the Blackberry wireless device also reported in-line earnings, but investors focused on the warning and shares fell Friday morning.
Inflationary worries sapped blue chip stocks Thursday, as investors worries about bond yields near 4-year highs, gold near a 25-year high and oil prices near $68 a barrel.
Treasury prices fell, pushing the yield on the benchmark 10-year note up to around 4.93 percent from 4.89 percent late Wednesday, pushing to a new almost four-year high. Treasury prices and yields move in opposite directions.
COMEX gold for June delivery fell $6.70 to $593 an ounce, after hitting a 25-year high in the previous session.
In global trade, major Asian markets ended higher and European markets rose at midday.
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