Wall St rallies on positive labour market data
NEW YORK (REUTERS) - US stocks rallied in morning trading on Thursday after a pair of positive signs about the labour market pointed to improving conditions a day before the US non-farm payroll report.
Equities added to their gains throughout the morning session, though market participation remained low as investors continued to deal with the aftermath of the massive storm Sandy in the US north-east, which forced a historic two-day market closure earlier this week.
Weekly jobless claims unexpectedly fell in the latest week, dropping to 363,000 from a revised 372,000 in the previous week.
Separately, the ADP National Employment report showed 158,000 private sector jobs were added last month, far more than had been expected. The ADP Report was based on a different methodology than previous months, which could impact comparisons.