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Markets Surge Higher After Jobs Report

Matt Thalman
June 7, 2013

Unlike other days this week, investors really only cared about one economic report: the Bureau of Labor Statistics job report, which was released this morning. While economists had expected the report to show the addition of 164,000 new jobs in May, it actually came in slightly higher at 175,000 jobs. The only downside to the report was that the unemployment rate increased from 7.5% to 7.6% , with 420,000 more people entering the job market last month.  

Market participants didn't seem to care much about the actual rate, however, as the number of jobs was better than expected and the markets rallied as a result. The Dow Jones Industrial Average (INDEX: ^DJI) rose higher by 207 points, or 0.138%, while the S&P 500 (INDEX: ^GSPC) increased by 20 points, or 1.28%, and the Nasdaq climbed higher by 1.32%. Both the Dow and the S&P 500 recovered from the past two days when they each fell below milestone marks during intraday trading. The Dow slide below the 15,000 mark on both Wednesday and Thursday, but managed to close above it on both occasions. The S&P 500 fell below the 1,600 mark yesterday when it touched 1,598 for a brief time, but also managed to close above the big 1,600 mar