Stocks rose on Friday as a climb in commodity prices sent shares of natural resource companies higher and a dividend cut at Wells Fargo lifted banks, offsetting more bleak news about the labor market.
Bank stocks rose after Wells Fargo
Government data showed the U.S. unemployment rate surged to its highest in 25 years last month as companies buckled under the strain of a recession that shows no signs of abating. Even so, analysts said the news may have been discounted.
The Dow Jones industrial average <.DJI> gained 108.16 points, or 1.64 percent, to 6,702.60. The Standard & Poor's 500 Index <.SPX> added 10.94 points, or 1.60 percent, to 693.49. The Nasdaq Composite Index <.IXIC> rose 10.52 points, or 0.81 percent, to 1,310.11.
(Editing by James Dalgleish)