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Wall St rallies on labour market data, earnings

Published on Feb 7, 2014 6:05 AM

NEW YORK (REUTERS) - United States (US) stocks posted their best day of the year on Thursday after a drop in applications for unemployment insurance boosted confidence in the economy and Disney's results overshot expectations.

The rally came ahead of the widely-followed payrolls report for January due on Friday, which some are expecting to be affected by the extreme weather that hit much of the US.

December's number was a much-lower-than-expected 74,000 and an upward revision would not be a surprise.

Initial claims for state unemployment benefits declined 20,000 last week to a seasonally adjusted 331,000. While the data has no direct bearing on January's employment report it bodes well for the jobs market and the overall economy.

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