September 3, 2010 6:48 PM EDT
The stock market is up on the better-than-expected Bureau of Labor Statistics (BLS) jobs report ahead of the three-day Labor Day weekend.
The S&P 500 Index is up 13.51 points, or 1.24 percent, to trade at 1,103.61 at 2:46 p.m. EDT. The Dow Jones Industrial Average has risen 111.22 points, or 1.08 percent, to trade at 10,431.32. The Nasdaq Composite has gained 1.43 percent.
At 8:30 a.m. EDT, the BLS released its highly anticipated jobs report, which showed overall non-farm payrolls losses of 54,000, private non-farm payrolls gain of 67,000 and the unemployment rate steady at 9.6 percent.
Economists forecast a 120,000 drop for overall payrolls, a 44,000 gain for private payrolls and the unemployment rate to remain at 9.6 percent.
Paul Ashworth, senior U.S. economist at Capital Economics, said the report was “reassuring.” It showed the U.S. economy just slowing but not collapsing. However, the economy is still not creating enough new jobs to lower the unemployment rate.
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Stocks pared gains, but still remained positive, after the ISM services report was released at 10:00 a.m. EDT. The worse-than-expected data showed the U.S. services industry in August growing at a slower pace compared to the previous month.
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