With traders reacting
positively to the latest employment data, stocks showed a strong upward
move at the start of trading on Friday. The major averages all moved
firmly into positive territory after ending the previous session
initial strength came after the Labor Department released a report
showing that employment fell by 539,000 jobs in April following a
revised decrease of 699,000 jobs in March. Economists had been
expecting a more substantial decrease of about 600,000 jobs.
stocks have helped to lead the way higher following the release of the
official results of the government's financial stress tests. Steel,
energy, and housing stocks are also posting notable gains, while
semiconductor stocks are bucking the uptrend.
In the past few
minutes, the major averages have pulled back off their highs for the
young session, although they are holding onto strong gains. The Dow is
currently up 99.56 at 8,509.41, the Nasdaq is up 14.54 at 1,730.78 and
the S&P 500 is up 10.67 at 918.06.