Friday, May 8, 2009
Stocks are ending sharply higher as investors cheer the news they had been hoping for: Job losses slowed in April and big banks don't need as much capital as some had feared.
Bank shares have led the gains Friday following the release of the government's "stress tests." Energy stocks have surged as oil jumped on the improving economic outlook.
Employers cut 539,000 jobs last month — the fewest in six months and much less than the 620,000 analysts had expected.
The Dow Jones industrial average is up 165 at 8,575. The S&P 500 index is up 22 at 929. The Nasdaq composite is up 23 at 1,739.
About four stocks rose for every one that fell on New York Stock Exchange, where volume came to a heavy 1.8 billion shares.