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Updated Thursday, September 1, 2011 0:07 am TWN, AFP

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US stocks rally after payroll report shows 91,000 jobs created in Aug.

NEW YORK -- U.S. stocks climbed around one percent in early trading on Wednesday after payrolls firm ADP reported that the U.S. private sector created 91,000 jobs in August.

The Dow Jones Industrial Average (DJIA) gained 118.59 points (1.03 percent) to 11,678.54 in the first half-hour of trading.

The broader S&P 500 was up 13.77 points (1.14 percent) to 1,226.69, while the tech-heavy Nasdaq Composite rose 25.70 points (1.00 percent) to stand at 2,601.81.

The ADP report, which offered a preview of official U.S. employment data to be released on Friday, fell short of forecasts but “fit the sellable bill of being better than feared,” said Patrick O'Hare, an analyst with Briefing.com.

Markets also got a boost from a decision by German Chancellor Angela Merkel and her cabinet to approve changes to the latest European rescue fund and send it to parliament for ratification, O'Hare said.

The amendments to the European Financial Stability Facility (EFSF) are seen as a key measure in staving off disaster in the eurozone's debt crisis, which has roiled global financial markets over the past month.

U.S. industrial giant Caterpillar was up strongly early Tuesday, surging 4.2 percent, while aluminum producer Alcoa climbed 4.4 percent.

Financial stocks also did well, with JPMorgan Chase gaining 2.0 percent and Bank of America rising 1.6 percent despite facing new lawsuits on Tuesday over its mortgage-related practices before the 2008 financial crisis.

Bond prices were roughly flat. The yield on the 10-year U.S. Treasury note ticked down to 2.17 percent from 2.18 percent late Tuesday, while that on the 30-year bond edged up to 3.53 percent from 3.51 percent.

Bond prices and yields move in opposite directions.

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Comments

September 2, 2011 jlee39@

From Paulsboro, NJ 08066

People on Wall Street always have false hope. The Country (USA) is headed into not the much talked about double dip recession, but full blown depression.

Nobody in Government or the financial system have any ideas how to turn things around, they aren't doing anything to even try to do that, and all seem to be just hoping time will cure all ails.

The rich are as guilty as the poor, because they seem to be at the mercy of Fate. If one thinks about it everything that led us into the shape were in, we are continuing to do in spades.

Were wrapped up in Banks, foreign investment, trade deals, corporate profits, and the stock market, while the Country is falling down around our eyes and ears. Congress seems to think they can cut their way to prosperity, and tax cuts will solve all our problems.

We (the USA) have become a Nation of Retards who think past the end of their nose, and are to dumb to help themselves. It will be fun to watch the splats again when the Wall Streeter's are jumping out those windows.