Wall Street ended a volatile and unusual week on a bullish note Friday, with the Dow Jones industrials gaining more than 146 points on the strength of a positive job creation report and a sharp drop in oil prices.
As European markets surged higher one day after the deadly terrorist bombings in London, Wall Street welcomed the Labor Department's jobs report. While the 146,000 jobs created in June were less than the 195,000 economists hoped for, the unemployment rate fell to 5 percent from 5.1 percent in May, and hourly earnings rose 0.2 percent.
Combined with falling oil prices, the employment news was enough to encourage Wall Street's two main camps. Those who fear inflation were happy with only a modest rise in job growth and wages, while those worried about a severe slowdown in the economy could point to another sign of steady, if slower, growth. |