News Column

Markets Poised to Extend Rally

Feb. 1, 2013

U.S. stock indexes rose Friday on mixed economic reports.

The Labor Department said the U.S. unemployment rate ticked higher to 7.9 percent in January with the addition of 157,000 jobs, slightly less than predicted.

But the Institute of Supply Management said manufacturing made strong gains in the month with the Purchasing Managers' Index rising from 50.7 in December to 53.1 in January. Numbers above 50 in the index indicate business growth.

In midmorning trading, markets looked likely to extend a four-week winning streak. The blue-chip Dow Jones industrial average added 133.70 points or 0.96 percent to 13,994.28, up by 98 points on the week. The Nasdaq composite of tech-oriented stocks gained 17.78 points or 0.57 percent to 3,159.91, putting the index up 10 points since Monday morning. The Standard and Poor's 500 index gained 10.49 points or 0.7 percent to 1,508.60. The S&P began the week at 1,502.96.

The 10-year treasury note rose 7/32 to yield 1.965 percent.

Against the dollar, the euro rose to $1.3688 from Thursday's $1.3578. The dollar rose to 92.52 yen from Thursday's 91.72 yen.

In Tokyo, the Nikkei 225 index added 0.47 percent, 52.68 points, to 11,191.34.

Source: Copyright United Press International 2013

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