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Stocks rally despite weak jobs report

Friday, October 02, 2015 - 01:31

Wall Street finished the week strong, with the major indexes closing higher despite a weaker-than-expected September employment report. Bobbi Rebell reports.

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Healthcare and energy stocks spearheaded a rally on Friday. They offset a stunningly weak jobs report that had earlier sent stocks south. All the major indexes closed the week with gains. The economy added 142,000 jobs in September, far fewer than expected. The jobless rate held steady at 5.1 percent. Barclay's chief U.S. economist, Michael Gapen, doesn't expect a rate hike until next year.: SOUNDBITE: MICHAEL GAPEN, CHIEF U.S. ECONOMIST, BARCLAYS (ENGLISH) SAYING: "We read this report in line with our view that the Fed won't move until next March. When we look at these types of episodes of global growth concerns and heightened financial market volatility, they tend to take more than just one to two to three months to resolve." More glum news for the economy. Factory orders fell last month. The prospects that the Fed won't lift rates this year hammered bank stocks like JPMorgan Chase and Bank of America. Experian said millions of T-Mobile U.S. customers were exposed in a data breach. Discount Broker Scottrade said a cyber attack on their data systems could have impacted 4.6 million clients. Wynn, Las Vegas Sands and other casino stocks hit bingo on a Macau Daily News report that China plans to boost the growth of the former Portuguese colony. Sprint shares rose. The Wall Street Journal reports the mobile carrier plans to cut jobs and up to $2.5 billion in costs. In Europe, a rally in utility stocks lifted the broader markets.

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Stocks rally despite weak jobs report

Friday, October 02, 2015 - 01:31