Stock market rises sharply after hiring picks up

stocks

NEW YORK (AP) — Steady growth in hiring last month is sending the stock market sharply higher.

Indexes rose after the government reported that employers added 175,000 jobs last month, slightly more than expected.

The Dow Jones Industrial average was up 170 points, or 1.1 percent, at 15,212 shortly before noon Eastern Daylight Time Friday. Boeing led the Dow higher with a gain of 2.5 percent.

The Standard & Poor’s 500 gained 16 points, or 1 percent, to 1,639. The Nasdaq composite rose 32 points, or 1 percent, to 3,456.

The report gave a boost to stock market bulls, who expect the Federal Reserve to keep up its stimulus as the economy continues to recover moderately.

The yield on the 10-year Treasury note rose to 2.15 percent as investors moved out of safer assets.

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