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Stocks soar to all-time high on employment news

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A stronger-than-expected pickup in hiring last month lifted the stock market early Friday, pushing the Dow Jones industrial average above 15,000 and the Standard and Poor's 500 index above 1,600 points for the first time.

The Dow Jones industrial average jumped 172 points, to 15,003, a gain of 1.1 percent, in the first hour of trading.

The S&P 500 index surged 18 points, or 1.1 percent, to 1,615. It has been thirteen years since the broad stock-market index broke through 1,500.

The government said U.S. employers added 165,000 jobs in April, more than economists were expecting. It also said more jobs were created in February and March than it had estimated earlier.

The unemployment rate also fell to 7.5 percent, the lowest in four years, from 7.6 percent the month before.

A series of weak manufacturing reports, disappointing retail sales in March, signs of an economic slowdown in China and mixed earnings reports for the first quarter have rattled the market in recent weeks. Friday's jobs numbers, while mediocre for a recovery, are reassuring investors.

The S&P 500 is up 13 percent from the start of the year. The Dow is up 14 percent.

When the jobs numbers were announced at 8:30 a.m. Eastern Daylight Time, gold dropped, oil rose and the dollar strengthened against the yen.

The NASDAQ composite rose 42 points, or 1.3 percent, to 3,382.

The yield on the benchmark 10-year Treasury note rose sharply as traders moved money out of bonds and into riskier assets like stocks. The yield rose to 1.72 percent from 1.63 percent the day before, its lowest level of the year.

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  1. Great article and post scripts by Mike L (Great addition to IBJ BTW). Bobby's stubborn as a mule, and doubt if he ever comes back to IU. But the love he would receive would be enormous. Hope he shows some time, but not counting on it.

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  4. Jim, your "misleading" numbers comment is spot on. This is the spin these posers are putting on it. News flash, fans: these guys lie. They are not publicly traded so no one holds them accountable for anything they say. The TV numbers are so miniscule to begin with any "increase" produces double digit "growth" numbers. It's ridiculous to think that anything these guys have done has awakened the marketplace. What have they done? Consolidate the season so they run more races on consecutive weekends? And this creates "momentum." Is that the same momentum you enjoy when you don't race between August and March? Keep in mind that you are running teams who barely make ends meet ragged over the summer to accomplish this brilliant strategy of avoiding the NFL while you run your season finale at midnight on the East Coast. But I should not obfuscate my own point: any "ratings increase" is exactly what Jim points to - the increased availability of NBC Sports in households. Look fans, I love the sport to but these posers are running it off a cliff. Miles wants to declare victory and then run for Mayor. I could go on and on but bottom line for God's sake don't believe a word they say. Note to Anthony - try doing just a little research instead of reporting what these pretenders say and then offering an "opinion" no more informed than the average fan.

  5. If he's finally planning to do the right thing and resign, why not do it before the election? Waiting until after means what - s special election at tax payer expense? Appointment (by whom?) thus robbing the voters of their chance to choose? Does he accrue some additional financial advantage to waiting, like extra pension payments? What's in it for him? That's the question that needs to be asked.

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