Stock market continues rally despite tepid report on jobs
NEW YORK -- A tepid jobs report Friday barely dented a summer rally on the stock market.
The Standard & Poor's 500 index ended the week 1 percent higher after breaking through 1,700 points for the first time Thursday. The index has risen for five of the last six weeks. The Dow Jones industrial average rose 0.6 percent and is on a streak of six weekly gains.
On Friday, indexes dropped in early trading after the U.S. added fewer jobs than forecast in July, curbing optimism that the economy is poised to pick up strength in the second half of the year. The market gradually recovered throughout the day and major indexes ended slightly higher. The gains were enough to set all-time highs for the Dow and S&P.
The government reported that 162,000 jobs were created last month, pushing the unemployment rate down to a 4 1/2-year low of 7.4 percent. The number of jobs added was the lowest since March and below the 183,000 economists polled by FactSet were expecting.
The S&P 500 ended Friday up 2.80 points, or 0.2 percent, to 1,709.67. The index is up 5 percent since the start of July. The Dow Jones industrial average rose 30.34 points, or 0.2 percent, to 15,658.36.
In other trading, the Nasdaq composite rose 13.84 points, or 0.4 percent, to 3,689.59.