Dow Jones average tops 11,000 on Fed stimulus hopes

08:40, October 09, 2010      

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The U.S. stocks rose on Friday with the Dow Jones average topping 11,000 points for the first time since May, as a worse-than-expected jobs report fueled hopes for more stimulus measures from the Federal Reserve.

The closely-watched government payrolls report showed the U.S. economy shed 95,000 jobs in September due to widespread government layoffs while the unemployment rate stayed at 9.6 percent.

The report was worse than analysts had expected. However, it still drove stocks higher on speculation that the Fed is now more likely to announce another round of quantitative easing to prop up the economy.

The Dow Jones industrial average gained 57.90, or 0.53 percent, to 11,006.48. The Standard & Poor's 500 index added 7.09 points, or 0.61 percent, to 1,165.15 and the Nasdaq was up 18.24 points, or 0.77 percent, to 2,401.91.



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