11:50 AM New York – Stocks on Wall Street advanced and tech stocks led the gainers. Unemployment rate in May held at 6.3% and employers added more than 200,000 jobs for the fourth month in a row.
U.S. stocks advanced after labor market reached a milestone and unemployment stayed at 6.3%.
S&P 500 index increased 7.22 to 1,947.69 and the Nasdaq Composite Index added 22.91 to 4,319.12.
Labor Market Milestone
U.S. employers, private and government, added net 217,000 jobs in May and unemployment rate was unchanged at 6.3%, Labor Department said today.
The report today showed a steady but uneven recovery continued in the labor market as the U.S. economy rehired all 8.7 million jobs lost in the recession.
Employment declined by 8.7 million between January 2008 and February 2010 but since then employers have rehired 8.8 million.
Total employment exceeded pre-recession level to 138.5 million mark, a milestone in the labor market.
For the fourth month in a row employers added more than 200,000 jobs, the first period since October 1999 and January 2000.
April job gains were revised lower to 282,000 from the previous estimate of 288,000.
The long term unemployed still account for 34.6% of all the unemployed and the number of Americas looking for work for more than six month declined by 78,000.
In London trading, FTSE 100 index jumped 0.6% or 39.51 to 6,853 and in Frankfurt the DAX index increased 0.4% or 39.38 to 9,987.21.
On the corporate front, Associated British Foods agreed to acquire Dorset Cereals brand from Wellness Foods. Fuller, Smith profit jumped 4% to £29 million. Game Digital to raise 130 million through initial public offering. KCOM net soared 8% to £39 million.
Stocks in Tokyo continued the advance the Topix index extended 11-day rally led by exporters and resource stocks.
The Nikkei 225 Stock Average inched lower 2.13 to 15,077.24 and the broader Topix index edged up 1.82 to 1,234.57. For the week, Nikkei 225 jumped 3%.
Dentsu reported a sharp jump in revenues in May. Mitsui & Company plans to build a 2,000 mw coal-fired power plant in Malaysia.
The yen closed at 102.31 against one U.S. dollar.
The Sensex Index climbed 376.95 or 1.5% to close at 25,396.46 The CNX Nifty jumped 109.30 to 7,583.40. For the week, Sensex climbed 4.9%.
On the earnings front, Bombay Rayon net surged 165% but sales declined 12%. Jindal Steel & Power plans to invest Rs 5,600 crore to expand its steel capacity. Jocil profit climbed 188%. Sakthi Finance net dropped 6%. Precot Meridian net plunged 54%. Vadilal net loss narrowed.