US SMALL/MIDCAPS-Stocks rally on data, euro zone hopes
NEW YORK |
NEW YORK Aug 3 (Reuters) - Mid- and small cap stocks rallied on Friday as U.S. jobs data and optimism that Europe was closer to action on its debt crisis whetted investors' appetite for risky assets.
The jobs report showed stronger-than-expected hiring but also a rise in the unemployment rate to 8.3 percent, which kept alive the hope of further support for the economy from the Federal Reserve.
The S&P MidCap 400 index rose 2 percent while the S&P SmallCap 600 index advanced 2.6 percent. In comparison, the benchmark S&P 500 gained 1.9 percent, its highest level since early May.
But for the week, the small cap and midcap indexes were each down 0.5 percent.
Among individual stocks, Blue Nile Inc jumped 35 percent to $32 after the diamond retailer forecast a strong full year. Robust demand spurred by lower prices helped the company beat analysts' profit expectations for the first time in over a year.
Opentable Inc shares also rose 15.8 percent to $29.55 after the company posted quarterly results that beat analysts' estimates as more customers used its websites to reserve tables for dining out. The company raised its full-year forecast betting on international expansion and bookings through mobile phones.
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