U.S. stocks manage up after late rally

10:00, February 06, 2010      

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A significant rally in the last hour of trading pulled U.S. stocks back to positive territory on Friday,but major indexes still experienced their fourth straight weekly decline.

The Dow Jones Industrial Average ended up 10.05, or 0.10 percent, to 10,012.23, after falling nearly 170 points during the session. The Dow fell 0.55 percent over the week, its fourth consecutive week of losses.

The Standard & Poor's 500 index added 3.07, or 0.29 percent, to 1,066.18 and the Nasdaq rose 15.69, or 0.74 percent to 2,141.12.

Major averages were pressured in the earlier session as mixed job report failed to give investors clear direction and anxiety over European debt problem still lingered.

The U.S. Labor Department released its eagerly-awaited nonfarm payrolls report before the opening bell, showing a mixed picture on the job market.

The United States economy shed 20,000 jobs in January, deepening concern that relief from the deepest economic downturn in a generation would be slow to come. However, the unemployment rate fell to 9.7 percent from 10 percent in December, while investors expected a slight rise.

Concerns over European sovereign debt problem were still like dark clouds hanging over the market, dragging the euro to a fresh eight-month low against the U.S. dollar. The dollar index, which tracks the greenback against a trade-weighted basket of currencies, jumped to its highest level in eight months, dragging prices of commodities and related stocks down.

However, the market rallied significantly in the last hour of trading, showing a good sign of confidence coming back in the market.

"What happened this afternoon is there's rumor, only rumor, that IMF and EU are getting together to bail out Greece, so you see the dollar come in and the market rally," said Alan Valdes, a senior trader in the New York Stock Exchange. "It's a good sign to see the market close up, and we like it."

However, he added, "if it's just a rumor and nothing comes after that, then you'll see the market sell off big on Monday. But I think they are gonna do something with those nations. Overall it's a good day but we've got a bumpy road ahead of us."

Source:Xinhua
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