U.S. shares advanced on Friday as the soar of nonfarm payrolls as the slowest pace since January 2011 raised speculations the Fed would not accelerate the pace of stimulus reduction. Today's report showed that American employers added 74,000 jobs in December, following a revised of 241,000 jobs gain in November. Analysts had predicted an increase of 197,000. Unemployment, on the other hand, retreated further to 6.7 percent, the lowest since October 2008 , from a previous of 7.0 percent. The Fed decided on December 18 to start unwinding its bond purchases gradually till nothing by the end of 2014, with a small start of reduction to $75 billion starting from January. Minutes of December meeting stressed that any further reduction in the bond purchases would depend on the pace of progress in the labor market and inflation, in addition to how the program was judged to work in the upcoming months. As of 09:47 EST , Dow Jones rose 0.10% to 16460.76 points, and NASDAQ gained 0.08% to 4159.49 points. Standard and Poor's surged 0.27% to reach 1843.03 points, as of 09:32 EST .
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- U.S. to Relinquish Gov't Control Over Internet
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- Quiznos Files for Chapter 11
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Some California Cities Seeking Water Independence