Better jobs news, higher profits lift stock prices
THE ASSOCIATED PRESS May 2, 2013 8:36AM
Trader Fred DeMarco, center, works on the floor of the New York Stock Exchange Thursday, May 2, 2013. | AP Photo
Updated: May 2, 2013 3:15PM
NEW YORK — Encouraging news about the job market and higher profits from CBS, Facebook and other companies sent stock prices higher on Wall Street.
The Dow Jones industrial average rose 130 points, or 0.9 percent, to close at 14,831 Thursday, wiping out nearly all of its 138-point fall the day before.
The Standard & Poor’s 500 climbed 15 points, or 0.9 percent, to 1,597.
The Nasdaq rose 41 points, or 1.3 percent, to 3,340 points.
CBS and Facebook rose after reporting income that was better than Wall Street analysts had been expecting.
The Labor Department reported that applications for unemployment benefits fell to a five-year low last week.
Three stocks rose for every one that fell on the New York Stock Exchange. Volume was slightly below average at 3.4 billion shares.