http://biz.yahoo.com/cbsm-top/040402/914e7cc955b75237d1f2da7dff70f1e1_1.html
CBS MarketWatch
U.S. stocks rally on jobs data
Friday April 2, 3:15 pm ET
By Mark Cotton
NEW YORK (CBS.MW) - U.S. stocks were holding gains in the last hour of trading of trading Friday as investor sentiment received a boost from a stronger-than-expected March employment report, with both blue chips and the Nasdaq poised to end higher on the week.
The growth in jobs, which beat expectations for the first time in five months, was strong enough that investors ignored warnings from numerous economists that the data may prompt the Federal Reserve to rethink its accommodative interest rate policy.
Robert Brusca, chief economist at Fact & Opinion Economics said the data showed that jobs growth was strong, and upward revisions to past numbers made the upward trend look more durable.
"This report puts the Federal Reserve a step closer to hiking rates," Brusca said. "Not yet, but don't fight the market.......................
The U.S. Labor Department said non-farm payrolls increased 308,000 in March, well above expectations of 122,000. In addition, February's payroll growth was raised to 46,000 and January's to 159,000 from 21,000 and 97,000, respectively. See Economic Report .
It was the first positive surprise in non-farm payroll growth in five months.
CBS MarketWatch
U.S. stocks rally on jobs data
Friday April 2, 3:15 pm ET
By Mark Cotton
NEW YORK (CBS.MW) - U.S. stocks were holding gains in the last hour of trading of trading Friday as investor sentiment received a boost from a stronger-than-expected March employment report, with both blue chips and the Nasdaq poised to end higher on the week.
The growth in jobs, which beat expectations for the first time in five months, was strong enough that investors ignored warnings from numerous economists that the data may prompt the Federal Reserve to rethink its accommodative interest rate policy.
Robert Brusca, chief economist at Fact & Opinion Economics said the data showed that jobs growth was strong, and upward revisions to past numbers made the upward trend look more durable.
"This report puts the Federal Reserve a step closer to hiking rates," Brusca said. "Not yet, but don't fight the market.......................
The U.S. Labor Department said non-farm payrolls increased 308,000 in March, well above expectations of 122,000. In addition, February's payroll growth was raised to 46,000 and January's to 159,000 from 21,000 and 97,000, respectively. See Economic Report .
It was the first positive surprise in non-farm payroll growth in five months.
