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Wall Street rises on stronger-than-expected job report
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08:46, July 31, 2008

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Wall Street extended rally to a second day Wednesday, after a report showed that employers unexpectedly added jobs in July.

Automatic Data Processing (ADP) said private sector employment rose by 9,000 in July, which made investors cautiously optimistic about the upcoming July employment report from the U.S. Labor Department on Friday. Economists had forecast the ADP report would show a decrease of 60,000 in jobs.

Financials led stocks higher. The Federal Reserve announced it was extending its emergency borrowing program for Wall Street banks. In addition, the Securities and Exchange Commission on Tuesday extended a temporary restriction on short-selling of the stocks of mortgage finance companies Fannie Mae, Freddie Mac and 17 big investment banks.

Investors also closely watched oil after it hit a two-month low Tuesday. Light, sweet crude rose 87 cents to 123.06 U.S. dollars a barrel on the New York Mercantile Exchange, after a weekly Energy Department report on domestic supplies showed a surprise increase.

The Dow Jones rose 123.03 to 11,520.59. Broader indexes also traded higher. The Standard & Poor's 500 index advanced 13.36 to 1,276.56; and the Nasdaq climbed 12.82 to 2,332.44.

Source: Xinhua

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