U.S. stocks rally on economic data Nonfarm payro

U.S. stocks rally on economic data
Nonfarm payrolls rise by 163,000 in July, beating expectations
NEW YORK (MarketWatch) — U.S. stocks surged Friday, lifting benchmark indexes into the positive column for the week, after the July jobs report proved far better than estimated.

“We got a much more optimistic labor report, and ISM was expected to be down and it was up,” said Phil Orlando, equity market strategist at Federated Investors in New York. “The 163 print is the best number in about five months,” added Orlando of the 163,000 increase in payrolls.

However, the unemployment rate, which is calculated from a different survey, climbed to 8.3%. Read full report on July jobs.

The Institute for Supply Management’s index of U.S. non-manufacturing activity rose to 52.6 in July from 52.1 in June, with any number above 50 indicating expansion. See details.
The Dow Jones Industrial Average (DJI JIA) rose 243.47 points, or 1.9%, to 13,122.35, readying it for a 0.4% weekly gain.

All 30 of its components gained ground.

Up 0.5% from last Friday’s close, the S&P 500 index (SNC:SPX) climbed 27.78 points, or 2%, to 1,392.78, with the financial sector the strongest performer of its 10 major industry groups.

The Nasdaq Composite (NASDAQ:COMP) added 62.72 points, or 2.2%, to 2,972.49, a level that positions it for a 0.5% rise for the week.

For every stock sliding more than five gained on the New York Stock Exchange, where composite volume topped 1.4 billion as of 11:45 a.m. Eastern time. Nasdaq Composite volume neared 681 million shares. http://www.marketwatch.com/story/us-stocks-ra...2012-08-03