News Summary: Tepid jobs growth

AP News
Posted: Aug 02, 2013 5:15 PM

TEPID JOBS: The government reported that 162,000 jobs were created last month, fewer than economists had forecast. Stocks fell in the early going but recovered throughout the day. Investors reasoned that the Fed wouldn't be in a rush to exit from its stimulus plan.

SUMMER RALLY EXTENDED: The Dow Jones industrial average ended the week 0.6 percent higher, its sixth consecutive weekly gain. The Standard & Poor's 500 index also closed higher, gaining for a fifth week in six.

GETTING CONNECTED: LinkedIn surged $22.58, or 10.6 percent, to $235.58 after the professional networking company posted second-quarter earnings late Thursday that surpassed analysts' expectations. The company also recorded its biggest quarterly gain in membership since going public in May 2011.