Stock market rises sharply after hiring picks up

AP News
Posted: Jun 07, 2013 11:33 AM
Stock market rises sharply after hiring picks up

NEW YORK (AP) — Steady growth in hiring last month is sending the stock market sharply higher.

The Dow Jones Industrial average rose 200 points after the government reported that employers added 175,000 jobs last month, slightly more than expected.

The index was up 1.3 percent to 15,242 as of 11:30 a.m. Eastern Daylight Time Friday. Boeing led the Dow higher with a gain of 2.5 percent.

The Standard & Poor's 500 gained 19 points, or 1.2 percent, to 1,642.

The report gave a boost to stock market bulls, who expect the Federal Reserve to keep up its stimulus as the economy continues to recover moderately.

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Nine of the 10 industry groups in the S&P rose.

The yield on the 10-year Treasury note rose to 2.15 percent as investors moved out of safer assets.