November 7, 2009 Saturday
Updated

Nov 7, 2009
Wall Street ekes out gains

NEW YORK - WALL Street stocks wobbled before ending with slender gains on Friday as investors shrugged off disappointing US data showing unemployment above 10 percent, to end a strong week on an upbeat note.

The Dow Jones Industrial Average edged up 17.46 points (0.17 per cent) to close at 10,023.42, in choppy trading that saw swings in and out of positive territory. The gains capped a week in which the Dow rose some three per cent.

The Nasdaq composite increased 7.12 points (0.34 per cent) to 2,112.44 and the broad-market Standard & Poor's 500 index added 2.67 points (0.25 per cent) to 1,069.30.

Market action was volatile after a much-anticipated report early on Friday showed the US unemployment rate jumped to 10.2 per cent in October as 190,000 jobs were shed.

The Labor Department report, seen as one of the best indicators of economic momentum, showed a rise in the jobless rate from 9.8 per cent in September to the highest since 1983. But the number of jobs lost narrowed to the lowest level in over a year.

Analysts said the report highlighted slow progress in bringing down unemployment as the economy emerges from recession, leaving the market hesitant. -- AFP

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